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G.K. Nair

Kochi, Oct 17 Pepper futures market which opened at higher levels and eased in the afternoon and closed below lower on bearish activities.

October contract dropped by Rs 113 a quintal to Rs 12,600. November and December dropped by Rs 96 and Rs 99 to Rs 12,685 and Rs 12,815 respectively.

Total turn over dropped by 608 tonnes to 6,733 tonnes. Total open interest declined by 149 tonnes to 16,437 tonnes.

Net open interest for October dropped by 492 tonnes to 1,995 tonnes. November and December open interest moved up by 87 tonnes and 220 tonnes respectively.

Bears were selling futures trying to depress the market. Meanwhile, investors were buying back their sales in the futures and liquidating spot. They were also liquidating materials for which validity is available for December, January and February.

Domestic players as well as exporters were covering for their pending orders. One of the exchanges said to have valid stock of abour 3,500 tonnes, market sources said.

Spot prices ruled steady at previous levels at Rs 12,700 (un-garbled) and Rs 13,300 (MG 1) a quintal on Friday.

Indian parity remained at $2,875-2,975 a tonne (c&f) as the rupee weakened against dollar. In the international market, the prices remained almost unchanged.

US imports so far this year said to have shown a decline from that of last year. Much of its requirements said to have been covered from Indonesian new crop, which is estimated to be around 10,000 tonnes.

However, according to overseas reports, the US dealers might cover from India to fill the shortfall.

Due to the current financial turmoil traders were reluctant to place orders because as their credit lines are tight, trading sources told Business Line.

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