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G K Nair

Kochi, Aug 25 Pepper futures market on Monday fell sharply on bearish activities. The drop was from Rs 165 to Rs 269 a quintal on all contracts.

September contract declined by Rs 191 a quintal to Rs 14,236, while October and November fell by Rs 165 and Rs 198 a quintal respectively.

Total turnover increased by 4,851 tonnes to 7,230, while total open interest declined by 21 tonnes to 19,970. The market was artificially pushed down, market sources told Business Line. Bear speculators were pressurising long position holders to liquidate September, they pointed out.

There was no selling pressure on the spot and yet it declined by Rs 200 a quintal in tandem with the futures market trend to Rs 13,700(un-garbled) and Rs 14,300 (MG 1).

Domestic buyers continued to remain on a wait and watch mode despite good internal demand given the ensuing festival and winter season.

In the international market, Vietnam was reportedly steady. 500 GL was offered at $2,800 a tonne (f.o.b) and V Asta at $3,400-3,450 a tonne(c&f).

Other market trends would be known on Tuesday. On Monday, the rupee was weak against dollar. Indian parity remained at $3,500 a tonne (c&f) for Europe and $3,550 a tonne (c&f) for US.

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