Pepper future declines

Kochi: The pepper futures market fell on continued uncertainty over the quantity restriction on nearby position that is likely to come into force from July 16. Given the competitive position of Indian pepper in the world market, a positive decision on this issue is urgently required. Those covered earlier are liquidating, fearing they would not be able to hold more than 100 tonnes after July 16. Intra-day trade is controlling the market, which is the bread and butter of the exchanges and the brokers. Vietnam was further easier to $3,290-$3,300 a tonne (f.o.b.) for 500 GL. June contract on NCDEX increased by Rs 49 on June 11, to close at Rs 14,049 from Rs 14,000. The decline in other contracts was from Rs 74 to Rs 196 a quintal. On NMCE, June contract fell by Rs 241 a quintal to close at Rs 13,200 from Rs 13,441. July, August and September dipped by Rs 167, Rs 181 and Rs 46 a quintal respectively while October and November increased by Rs 20 and Rs 100 respectively. The total turnover on NCDEX increased by 10,829 tonnes to 24,295 tonnes while on NMCE it increased by 1,203 tonnes to 2,442 tonnes. The total open interest on NCDEX dropped by 1,077 tonnes to 25,163 tonnes.