Pepper Witnesses Declining Trend

Kochi: Pepper futures market remained to fall on May11, on reports of fall in Vietnam pepper rates. The fall in Vietnam prices is said to be for FAQ 500 GL and not for Asta grade. Indian prices for Asta grade were $3,875-3,900 a tonne (c&f) for Europe and $3,975 a tonne (c&f) for the US.Some processors are unable to process the goods because of the cloudy weather. May contract on NCDEX dipped by Rs 90 a quintal to Rs 14,733. The decline in other contracts was from Rs 31 to Rs 192 a quintal. On NMCE, May contract declined by Rs 13 to Rs 14,400.
The total turnover on NCDEX dropped by 5,914 tonnes to 20,354 tonnes, while on NMCE it dipped by 569 tonnes to 2,718 tonnes. The total open interest on NCDEX fell by 546 tonnes to 29,617 tonnes. May, June, July positions also fell by 466 tonnes, 203 tonnes and 23 tonnes respectively to 3,940 tonnes, 18,578 tonnes and 3,624 tonnes. On NMCE total open interest moved up by 90 tonnes to 5,006 tonnes. Spot prices, also in tandem with the futures market trend, dipped by Rs 100 a quintal to close at Rs 14,000 (un-garbled) and Rs 14,600 (MG 1).