The Hindu Business Line : Pepper futures continue to decline

Pepper futures market declined on Monday on rumours that Brazil has reduced its prices sharply and a good crop is awaited in Vietnam, contrary to the earlier predictions of a possible fall.

As a result, November contract dropped by Rs 142 a quintal on NCDEX to close at Rs 10,490 on Monday.

The decline in other positions was from Rs 92 to Rs 204 a quintal.

On NMCE, November contract declined to close at Rs 10,200 a quintal from Rs 10,250 a quintal. The fall in other positions was from Rs 129 to Rs 439 a quintal.

The total turnover on NCDEX increased to 13,734 tonnes from 11,305 tonne at last Saturday close. On NMCE, the turn over fell to 3,223 tonnes from 2,463 tonnes.

Open interest down

The total open interest on NCDEX declined to 23,408 tonnes from 23,608 tonnes, while on NMCE it was up to 5,303 tonnes from 5,297 tonnes.

The November open interest on NCDEX dropped to 4,285 tonnes from 4,620 tonnes last Saturday, while the December position moved up to 13,434 tonnes from 13,365 tonnes.

The decision open interest on NMCE declined to 4,021 tonnes from 4,031 tonnes.

Spot rates

According to international trade sources Brazil was offering B Asta at $2,600 a tonne (fob), while Indian parity was at $2,725 to $2,750 a tonne (c&f). Indonesian price for Lasta remained at around $3,000 (c&f).

No spot sellers were forthcoming and yet in tandem with the futures market trend spot prices fell by Rs 100 a quintal to close at Rs 10,200 (un-garbled) and Rs 10,800 (MG 1) on Monday, market sources here told Business Line.