Pepper Futures Recover

Kochi: Pepper futures market recovered on Sept 24, following rumours that the FMC would take some positive decision soon on the quantity restriction on nearby month position. The futures moved up by Rs 117 to Rs 355 a quintal. Investors who came to sell expired stocks of MG 1 sold at discounted price. Vietnam and Indonesian markets were firm and watching the Indian futures market. Pushing up the prices to higher levels much above the prices of other origins would make Indian pepper uncompetitive and that in turn, would help its competitors to sell their produce, they claimed. On the international market scenario, a latest report from Brazil Pepper Trade Board said markets were steady and somehow dull. New weakness of dollar rates was keeping origin prices up. October contract on NCDEX improved by Rs 274 a quintal on Monday to Rs 12,379. The increase in other contracts was from Rs 117 to Rs 322 a quintal. On NMCE, October contract went up by Rs 326 a quintal to Rs 12,319. January contract fell by Rs 80 a quintal. Spot prices in tandem with the futures market trend increased by Rs 100 a quintal to close at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1) on Sept 24.