The Hindu Business Line : Pepper futures market fall

The pepper futures market declined on Tuesday due to lack of buying support from both domestic and international markets. There is no domestic demand. However, lower grade pepper from Kasaragod, Kannur, Pathanamthitta and Kollam areas in Kerala are being sold to investors, which in turn is reaching the exchanges.

This phenomenon also contributed to the decline in the futures market. Besides, due to the coming Onam festival, there are arrivals at the terminal market too. The September contract on NCDEX dropped by Rs 234 a quintal to Rs 10,380 (Rs 10,614), while it fell by Rs 271 to Rs 10,255 (Rs 10,526) on NMCE. The decline in all the other positions on NCDEX was Rs 176-255 a quintal. On NMCE, it was Rs 169-250. — Our Bureau

The total turnover on the NCDEX dropped by 3,279 tonnes to 17,366 tonnes (20,645 tonnes), and by 150 tonnes to 3,672 tonnes (3,822 tonnes) on the NMCE.

The open interest on the NCDEX stood at 22,422 tonnes (23,051 tonnes), while it was at 4,007 (3,923 tonnes) on the NMCE.

The outstanding position on the NCDEX for September and October was 7,001 tonnes and 11,185 tonnes respectively.

However, spot prices ruled steady at Rs 9,600 (un-garbled) and Rs 10,000 (MG 1) respectively.

In the international market Brazil is aggressively selling at lower rates when the prices of pepper in Indonesia, Vietnam and India are ruling high. Indian parity is at $2,350-2,375 a tonne c.i.f. while that of Indonesia is at $2,400. Vietnam was offering Asta grade at $2,325 and FAQ grade at $1,900. But Brazil was offering B Asta at $1,800 while its B1 and B2 quoted at $1,750 and $1,700 respectively.

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