The Hindu Business Line : Pepper futures fall further

July contract dropped by Rs 171 on the NCDEX to Rs 12,449 a quintal. August and September fell by Rs 165 and Rs 296 respectively to Rs 12,597 and Rs 12,740 a quintal.

Total turnover increased 644 tonnes to 2,632 tonnes. Total open interest moved up by 46 tonnes to 6,634 tonnes. Open interest for July dropped by 232 tonnes while that of August and September went up by 251 tonnes and 21 tonnes respectively. There was good switching over to August.

Spot prices in tandem with the futures market trend dropped by Rs 100 a quintal to Rs 12,000 (un-garbled) and Rs 12,500 (MG 1). North Indian operators following the predictions of the “graph and chart people” were liquidating. Good selling pressure was reported in the primary markets also on fears of further depression in the prices due to increased availability of imported pepper in the upcountry markets.

“The domestic market is flooded with imported Vietnam 500 GL pepper which is similar to the Coorg pepper,” traders alleged.

Activities in the market were limited.

Imports under FTA from Sri Lanka is said to be not as easy. as it used to be earlier.

Permit has to be obtained from the DGFT for such imports and the permit number entered in the contract of the exporter, market sources told Business Line.

In the international market, prices of some origins were marginally easier. The buyers continued to be on a wait-and- watch mode. FOB prices quoted in Vietnam on Wednesday were Black pepper 500 GL $2,080 a tonne; 550 GL $2,220 a tonne and V Asta (570 GL) $2,400 a tonne.

Prices quoted for white pepper was $3,340 a tonne (f.o.b.). Prices in Bangka were reportedly unchanged. MWP FAQ Spiral Cleaned was $4,100 a tonne (f.o.b.) Bangka. Lampong was slightly easier at $2,325 a tonne (f.o.b).

Prices quoted for Brazil Asta (July) was $2,250 - $2,350 a tonne. B1 $2,200 - $2,300 and B2 $2,100 - $2,200 a tonne.

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