Pepper Futures Drop On Cues From Stock Market

Kochi: Pepper futures market declined marginally on Thursday under the influence of the drop in the stock market.

The market would have gone up but for the decline in the stock market, trading sources told Business Line. Brokers were saying that exporters were full and quoting Nov and Dec only. Spot is not available, they said.

Indian parity on Thursday was at $3,800-3,850 a tonne (c&f).

International market continued to remain without much activity. In Brazil growers were reportedly reluctant to sell. Limited quantity of B 1 was being offered at $3,250-3,300 a tonne (f.o.b.) Belem. B Asta was offered at $3,400-3,425 a tonne (f.o.b.) Belem.

Vietnam was steady offering 500 GL at $3,200, 550 at $3,250 and 570 GL at about $3,650 a tonne (f.o.b.). It was offering white pepper at $4,800 a tonne (f.o.b.) while Ecuador was quoting at $4,925-4,950 a tonne (c&f) New York.

Meanwhile, exporters were quoted as saying that the Brazil crop this year was likely to be below 30,000 tonne as against the earlier projections of 40,000 tonne.

Contract position

October contract on Thursday declined by Rs 8 a quintal to at Rs 13,830 a quintal. All other contracts except February dropped by Rs 6 to Rs 95 a quintal. On NMCE, November contract fell by Rs 33 a quintal to Rs 14,055.

Spot prices on Thursday remained steady at previous levels at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) a quintal.