The Hindu Business Line : Pepper futures slip; demand hits dry patch

Kochi, July 10 The pepper futures market witnessed high fluctuations on Friday and after firming up in the afternoon it declined and closed below Thursday’s levels on bearish operations. There was no selling pressure on spot. Domestic demand was not there because of the prevailing heat wave conditions in north India, especially Rajasthan, Madhya Pradesh and Delhi, which have resulted in no consumer buying and the industry buying was slow, market sources told Business Line.

There was no demand from overseas market also. Reports that Indonesia has eased its prices to $2,325 a tonne (c&f) also influenced the futures market.

July contract dropped Rs 59 to Rs 12,216 a quintal, while August fell Rs 61 to Rs 12,380. September moved up Rs 66 a quintal to Rs 12,540 on NCDEX. Total turnover on NCDEX moved up 301 tonnes to 2,947 tonnes.

Total open interest also moved up 23 tonnes. July open interest dropped by 188 tonnes, while that of August and September moved up 195 tonnes and 12 tonnes respectively. Spot prices remained unchanged at previous levels of Rs 12,000 (un-garbled) and Rs 12,500 (MG 1) a quintal. With the weakening of the rupee further on Friday the Indian parity remained at $2,625 a tonne (c&f).

Vietnam pepper

Meanwhile, an overseas report said that Vietnam pepper prices were close to the $2,000 barrier again with 500 GL being offered at $2,030 a tonne (fob), while 550 GL at $2,180 a tonne (fob). V Asta was quoted at $2,400 a tonne.

The report said that since Vietnam had exported about two-thirds of its current crop with the shipments crossing an estimated 65,000 tonnes until June last, all the buyers might shift their concentration to Indonesia and Brazil.

L Asta, according to it, was slightly up at $2,350 a tonne. Besides, the new crop in Brazil, the report added, might be delayed by at least 30 days. B Asta indicated at $2,350 a tonne, while B1 at $2,300 a tonne (fob).

Vietnam white pepper was quoted at $3,550-3,600 a tonne (c&f) and Muntok white $4,125 a tonne (c&f).

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