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Pepper futures witnessed further downward trend last week as activities were limited and the cartels holding over 5,000 tonnes of black pepper were liquidating to get out of the market. All the active contracts fell sharply from mid-last week.
Under the staggered delivery system, 995 tonnes of pepper were marked for delivery in Nov. According to the Secretary, The Cochin Hill Produce Merchants’ Association (CHPMA), the NCDEX had stopped deposits of black pepper from Nov 3 onwards up to Nov 7.
The trade has appealed to the Forward Marketing Commission (FMC) to direct the exchange to extend the cutting/maturity date of November contract by five days up to Nov 26.
All active contracts fell sharply last week. Nov, Dec and Feb contracts decreased by Rs 900, Rs 1,440 and Rs 1,230 a quintal to close at Rs 41,735, Rs 40,980 and Rs 36,315 a quintal.
Total turn over increased by 2,800 to close at 15,279 tonnes. Total open interest fell by 835 to 8,103 tonnes.
Spot prices in tandem with the futures market trend fell by Rs 700 a quintal to close at Rs 39,300 (ungarbled) and Rs 40,800 (garbled).
Indian parity in the international market also declined to $7,900 a tonne (c&f) for Europe and $8,200 a tonne (c&f) for the US. But, still remained out priced, they said.
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