• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy
• Books

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Kochi, Jan. 9 Pepper futures on Friday dropped on weak demand and arrivals of new crop at the terminal market.

January contract dropped by Rs 243 to Rs 11,602 a quintal on NCDEX. February and March fell by Rs 272 and Rs 271 respectively to Rs 11,675and Rs 11,725 a quintal.

Total turnover on NCDEX fell by 2,136 tonnes to 6,813 tonnes. Total open interest declined by 237 tonnes to 8,081 tonnes. Net open position for January and March dropped by 115 tonnes and 134 tonnes respectively to 2,273 tonnes and 4,120 tonnes. March moved up by 21 tonnes to 1,329 tonnes.

Spot prices also, in tandem with the futures market trend, declined by Rs 100 a quintal to close at Rs 11,300 (un-garbled) and Rs 11,800 (MG 1) on Friday.

New pepper arrivals at the terminal market stood at 10 tonnes and it was traded. Investors were seen ready to sell validity expired stock at Re one below the January price but the buyers were said to be not interested. No international support was also forthcoming, market sources told Business Line.

Domestic demand was slow because of the strikes by truckers and the officers of the oil companies both combined has steered the movement of goods by road almost to a grinding halt. This phenomenon has pushed down the prices.

New pepper from the southern districts of Kerala was, however, moving out in small quantities by rail from Punalur to Madurai and from Kollam to Delhi, trading sources said.

Indian parity on strengthening of the Rupee on Friday remained at $2,650 a tonne (c&f) Europe and $2,750 a tonne (c&f) US, despite the drop in the futures market price.

In the international market, Lampong Asta was being offered at $2,600 a tonne (f.o.b) while Vietnam Asta at $2,625 a tonne (c&f) and Brazil Asta at $2,450 a tonne (f.o.b).

More Stories on : Spices & Condiments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line