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G.K. Nair

Kochi, Jan. 12 Pepper futures market on Monday ruled steady to firm. Prices of all the contracts moved up on tight supply position.

January contract moved up by Rs 85 to Rs 11,824 a quintal on NCDEX. February and March went up by Rs 109 and Rs 99 a quintal respectively to Rs 11,931 and Rs 11,970.

Total volume on NCDEX increased by 1,003 tonnes to 4,438 tonnes. Total net open position moved up by 247 tonnes to 8,438 tonnes. Net open positionfor January declined by 91 tonnse to 2,119 tonnes while that of February and March moved up by 298 tonnes and 44 tonnes respectively to 4,512 tonnes and 1,501 tonnes.

Spot prices ruled steady at last weekend close of Rs 11,300 (un-garbled) and Rs 11,800 (MG 1) a quintal on Monday. There is good domestic demand but for the ongoing truckers’ strike the movement of the goods has been restricted. Once the strike is over, demand would pour in from the upcountry markets, market sources told Business Line.

The stock availability in India is said to have dipped to an historical low of below 10,000 tonnes, they claimed. Valid and validity expired stocks with the exchanges and the investors might come to around 3,000 tonnes while 4,000 tonnes of the materials is with the dealers/traders all over the country. Some 2,000-2,500 tonnes of black pepper may be in the hands of rich growers, they said.

In the international market the Indian parity is at $2,625 a tonne (fob) while Indonesia said to have quoted $2,500 a tonne (fob). V Asta was quoted at $2,625 a tonne. Brazil has quoted B Asta at $2,300 a tonne (fob). Indian pepper appears to have lost its competitiveness to Indonesia and the US buyers might turn towards Lampong to cover, they said.

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