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The pepper market closed nearly steady on Wednesday, with June ending slightly down, while July and August moved up marginally.
Activities were limited as is evident from the sharp fall in turn over. People are said to be losing interest in the market.
The market went up sharply and then dropped in the closing session after remaining highly volatile, market sources told Business Line .
Investors were busy getting their validity expired and farm grade stocks held by them, against which they have sales, converted into valid stocks after processing by paying Rs 9-10 a kg. Good quantities of this material are reported to have been deposited in the exchange warehouses, they said.
Farm grade pepper
Meanwhile, exporters were showing interest to buy farm grade pepper at Rs 275 a kg from the plains where there were sellers. Leading operators on the other hand showed interest to buy dried high bulk density high range pepper at Rs 279 and Rs 280 a kg, but the sellers were reluctant to sell, they said.
Karnataka pepper from Sakleshpur, Chikkamagaluru and Aravikkara was sold at Rs 260 a kg delivered anywhere in India, while Kodagu pepper, comparatively superior and heavier, was quoted higher and moved into Wayanad district of Kerala. At the same time, it is also alleged that imported Vietnam pepper has slipped into the market as Wayanad and Karnataka pepper. India is reported to have imported in March, April and May, 1,000 tonnes each of pepper from Vietnam on an average.
All these factors are impacting the market, prices, they said.
June contract on the NCDEX declined by Rs 4 to close at Rs 29,483 a quintal. July and August moved up by Rs 72 and Rs 90, respectively, to close at Rs 29,206 and Rs 29,264 a quintal.
Total turnover dropped by 2,603 tonnes to close at 3,259 tonnes. Total open interest moved up by 52 tonnes to 12,510 tonnes.
Spot prices remained unchanged on limited activities at previous levels at Rs 27,300 (ungarbled) and Rs 28,100 (MG 1) a quintal.
Indian parity in the international market was at $6,800 a tonne (c&f) and remained totally outpriced.
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