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G K Nair

Kochi, Sept 17 The pepper futures market witnessed high volatility on Wednesday and looking for some direction. All the contracts closed marginally down. September contract declined by Rs 41 a quintal to Rs 12,310 on NCDEX.October and November dropped by Rs 57 and Rs 69 a quintal to Rs 12,524 and Rs 12,765 respectively. All these contracts continued to remain below the spot price of MG 1.

Difference between September and spot pepper prices are still greater at around Rs 900 a quintal.

“So long as the futures delivery is available at prices far below thespot prices, the exporters would prefer to take delivery but theexchange should make the delivery compulsory. Buyers will hope for a delivery and if the seller fails to deliver then the material should be bought from the open market and deliver and the losses recovered from the seller,” market sources told Business Line. “The existing policy is one-sided,” they alleged.

Total volume dropped by 5,863 tonnes to 6,696 tonnes. Total open interest declined by 12 tonnes to 18,735 tonnes.

Spot prices ruled steady at previous levels of Rs 12,600 (un-garbled) and Rs 13,200 (MG 1) a quintal on Wednesday.

An overseas report said there were indications that Brazil might open higher tonight as the Cheap Brazil offers dried up yesterday. L Asta continues to rule high.

Prices quoted for different origins were Vietnam 500 GL $2,525 a tonne(fob) and 550 GL at $2,675 a tonne (fob) while V Asta was being offered at $3,025 a tonne (c&f) New York. MG 1 Asta was quoted at$3,025-3,075 a tonne (c&f) NY. Ecuador Asta was quoted at $2,775 atonne (c&f). Brazil was offering cheap at $2,500 a tonne (fob) for B Asta while B2 and B1 were quoted at $2,200-2,300 and $2,300-2,400 a tonne (fob).Vietnam white pepper (double washed) was quoted at $3,990 at tonne (fob).

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