Pepper Future Witnesses Down Trend

Kochi: Pepper futures market saw sharp decline on Aug 23, on bearish activities. The overseas purchasers are scared as a result of the continuous fall in the prices allegedly created by market manipulators. Indian parity has fallen to $3,400 a tonne (c&f) and still are exporters ready to sell at $3,350 a tonne (c&f). While Brazil has reduced its prices sharply, Vietnam remains silent. Brazil was offering Asta grade at $3,300-$3,400 a tonne (fob) while B1 560 GL at $3,200-$3,300 a tonne. September contract on NCDEX on Aug 23, declined by Rs 420 a quintal to Rs 12,209. The fall in other contracts was from Rs 330 to Rs 455 a quintal. On NMCE September contract dropped by Rs 502 a quintal to Rs 12,045. Total turnover on NCDEX increased by 4,474 tonnes to 22,473 tonnes. Total open interest on NCDEX increased by 1,069 tonnes to 23,586 tonnes. On NMCE total open interest fell by 159 tonnes to 2,223 tonnes. September and October positions were at 570 tonnes and 1,507 tonnes respectively.