Pepper Future Sees Weak Trend

Kochi: Prices of pepper futures, after seeing high volatility during the day, fell for all contracts on Aug 22. Exporters were not offering as they were said to be unable to cover even though stocks were available at low prices on the exchanges, because of the quantitative restrictions. In the global market buyers are waiting and watching, but with interest to cover at bid prices. Brazil and Indonesia said to have reduced their pepper prices. Indian parity was at $3,475-3,500 a tonne (c&f), but still remained competitive. Indonesia was offering L Asta at $3,400 a tonne (f.o.b.). Vietnam was not quoting for V Asta. However, it was quoting 500 GL at $3,200 (f.o.b.). The September contract on the NCDEX fell further on Aug 22, by Rs 82 a quintal to close at Rs 12,605. The decline in other contracts was Rs 50-75. The fall in other contracts was Rs 41-276. The total turnover on the NCDEX declined by 5,274 tonnes to 17,999 tonnes. The September turnover fell by 29 per cent and the October contract by 63 per cent. On the NMCE, turnover fell by 246 tonnes to 1,991 tonnes. Total open interest on the NCDEX dropped by 570 tonnes to 22,517 tonnes.