Kochi: Pepper futures market down on May 16, on alleged hammering by bears cartel despite the fact that all the other origins ruled firm. Vietnam reported to have offered 500 GL at $3,800 a tonne (f.o.b) and 550 GL at $4,000 a tonne while white pepper was at $5,400 a tonne (f.o.b). Vietnam was not selling Asta grade pepper. Indian parity is at $4,000 a tonne (c&f). According to international market players, given the present market trend, US purchasers are reported to have adopted a wait-and-watch attitude, anticipating that the Indian prices would decline in the coming days following the revision of the open position and near month level limits for members and clients. There is reportedly a demand from West Asian countries for 500 GL Indian pepper at premium price. Exporters were covering from the futures and offering to the overseas market. May contract on NCDEX fell by Rs 381 a quintal to close at Rs 14,110 on May 16, from Rs 14,491 on May 15.
The decline in other contracts was from Rs 309 to Rs 392 a quintal. On NMCE, May contract matured and 366 tonnes of pepper delivered. June contract fell by Rs 220 to close at Rs 14,351 from Rs 14,571 a quintal. The fall in contracts was from Rs 351 to Rs 600 a quintal. The total turnover on NCDEX increased up by 5,049 tonnes to 33,780 tonnes while on NMCE it moved up by 658 tonnes to 3,353 tonnes. The total open interest on NCDEX declined by 855 tonnes to 27,622 tonnes. May position fell by 385 tonnes to 2,023 tonnes while June position fell by 924 tonnes to 17,663 tonnes. July went up by 405 tonnes to 4,300 tonnes.
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