The Hindu Business Line : Pepper futures down on liquidation

In fact, the prices declined despite the fact that in the international market the competitor for India is only Brazil, as Vietnam, Indonesia and Malaysia were said to be not in the market. The Indian parity is competitive.

India was offering MG 1 at $2,525 a tonne (c&f), when Brazil was quoting $2,425 a tonne (c&f). The weak rupee against the dollar has also helped the Indian exporters to quote low prices.

Investors buying

The exporters having pending commitments are buying farm grade pepper at $2,300-2,400 a tonne. Investors/dealers in the primary markets would buy and keep from the farmers, as they are aware of what is happening at the farm levels.

In Wayanad district of Kerala and some parts of Karnataka quickwilt disease has affected the crop, which might also negatively affect the production. On the other hand, big farmers who do not want to sell at the prevailing prices. 11 tonnes of pepper arrived at the terminal market on Tuesday and of which some quantity was traded at $2,300 a tonne.

On NCDEX, December contract dropped by Rs 141 a quintal to close at Rs 9,631, while the decline in other positions was from Rs 140 to Rs 197 a quintal.

December contract on NMCE fell by Rs 106 to close at Rs 9,300 from Rs 9,406 a quintal on Monday. The drop in other positions was from Rs 29 to Rs 265 a quintal.

Turnover down

The total turnover on NCDEX fell by 4,052 tonne to 19,826 tonnes on Tuesday. On NMCE, it dropped by 451 tonne to 2,444 tonnes.

The total open interest on NCDEX slipped by 19 tonnes to 23,648 tonnes. However, December open interest fell by 744 tonnes to 4,638 tonnes, while January position increased by 170 to 11,779 tonnes, while February went up by 234 tonnes to 3,363 tonnes.

On NMCE, total open interest declined by 47 tonnes to 4,750 tonnes. The December position dropped by 86 tonnes to 1,659 tonnes.

Spot pepper prices ruled steady at Monday levels at Rs 9,200 (un-garbled) and Rs 9,800 (MG 1) a quintal on Tuesday.

More Stories on : Spices & Condiments | Commodity Exchanges

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Kakinada old port may handle more

N-E monsoon beginning to taper off

Vidarbha farmers miss making election statement

Growers seek long-term policy on arecanut

Spot rubber rules steady

International accreditation for Amul's plants

Bt cotton area set to rise 75 pc next season

Of olive oil and sticky issues...

Pepper futures down on liquidation

Chilli futures up on enquiries

Higher demand

McLeod Russel's acquisitions to boost tea exports

Pawar calls State Agri Ministers' meet on Dec 22

Tea exports to Pak seen doubling to 20 mkg