The Hindu Business Line : Pepper futures pare gains

Kochi, Feb. 19 Pepper futures market on Tuesday after showing an upward swing during the trading until afternoon declined at close on limited activities.

Meanwhile, cooperative societies, big companies and multinational exporters were buying directly from the primary markets at Rs 13,500 – Rs 13,600 a quintal and this phenomenon has squeezed the arrivals at the terminal market further.

In the international market as the sellers in Brazil were said to be not ready to part with their B Asta grade pepper at $3,600 a tonne (fob) the prices have moved up to $3,650 - $3,700 a tonne (f.o.b).

Similarly, in Indonesia LAsta pepper was being offered at $3,700 - $3,775 a tonne (f.o.b). Vietnam was offering 500 gl at $3,400 a tonne (f.o.b), while 550 gl at $3,600 a tonne. V Asta was not being offered.

As the white pepper prices are ruling high Vietnam appears to be shifting Asta grade bold berries for conversion into white and that in turn would create chances for the MG 1, market sources predicted.

Besides, Indian parity is at $3,800 - $3,825 a tonne (c&f) and at a competitive level.

CONTRACT POSITION

February contract on NCDEX declined by Re 1 a quintal to Rs14,040. All other contracts except June and July dropped by Rs 15 to Rs 81 a quintal.

June and July moved up by Rs 97 and Rs 256 a quintal respectively.

On NMCE, March contract declined by Rs 36 a quintal to Rs 14,140. All the other contracts except June declined by Rs 22 to Rs 77 a quintal. June moved up by Rs 85 a quintal.

Spot prices ruled steady at previous levels on Tuesday at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) a quintal.

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