Pepper Market Decline On Pessimistic Activities

Kochi: The pepper futures market during the week saw sharp fall in prices due to bearish activities and the quantity restrictions on nearby month position, which has hampered the exporters from covering. In fact, the exporters wanted to purchase at the current rates as there are overseas purchasers at the present rate but they could not do so due to the quantity restrictions. According to international market reports, influenced by the downward trend in India, Brazil and Indonesia have showed aggressiveness in selling at lower rates. Surprisingly, the decline in black pepper prices has not so far reflected on the white pepper prices, which continues to rule firm.
On NMCE the contracts declined by Rs 600 to Rs 932 a quintal. The closing price on Saturday for September contract was Rs 12,101 a quintal. The total turnover on NCDEX during the week went up by 17,206 tonnes to 1,26,902 tonnes while on NMCE it increased by 4,217 tonnes to 11,622 tonnes. The total open interest also during the week increased 143 tonnes on NCDEX to 22,718 tonnes while on NMCE it increased by 363 tonnes to 2,370 tonnes. Spot prices in tandem with the futures market trend declined by Rs 500 a quintal during the week to Rs 12,200 (un-garbled) and Rs 12,800 (MG 1).


Source : www.indian-commodity.com