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G K Nair

Kochi, Aug 26 The pepper futures market on Tuesday dropped sharply on bearish sentiments.

There was not much demand from the international and domestic market. It has been dull, inactive and black market, market sources told Business Line. Weakening of rupee against dollar and fall in the futures market has pushed down the Indian parity to become competitive, they said. Indian parity stood at $3,350 a tonne(c&f). September contract fell by Rs 286 to close at Rs 13,950 a quintal below the spot prices for MG 1 while October and November fell by Rs 291 and Rs 293 to close at Rs 14,238 and Rs 14,460 a quintal.

Total turnover moved up by 440 tonnes to 7,670 while total net open position moved up by 159 tonnes to 20,129 tonnes. There was no selling pressure on spot and yet the prices dropped by Rs 200 a quintal in tandem with the futures market trend to close at Rs 13,500 (un-garbled) and Rs 14,100 (MG 1).

Many of the international operators feel that the market would become stronger even though the prices in India are under pressure and unlikely to contribute to a firmer international market. Other origins on Tuesday remained unchanged. Vietnam FAQ 500 GL was quoted at $2,740 a tonne (fob) while V Asta at $3,100 (fob). Brazil offered B Asta at $3,000 a tonne (fob) and B1 560 GL at $2,900 a tonne(fob) for Europe. There was no buying interest from the US. MLSV Asta September was quoted at $3,400-3,450 a tonne (c&f) New York and Vietnam 500 GL at $2,875- 2,900 a tonne (fob).

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