The Hindu Business Line : Pepper prices rule firm

PEPPER market was firm last week on reports that the Kerala Chief Minister has urged the Union Commerce Minister to stop duty-free imports of pepper from Sri Lanka.

Besides, the Chief Minister is understood to be holding a meeting with the Chairman and officials of the Maketfed, the pepper procurement agency, on Monday to strengthen market intervention exercise. Thus, anticipating some positive development in the coming days, the market firmed up.

The pepper prices, which had dropped from Rs 7,000 a quintal in recent days, were up by Rs 100 a quintal on Saturday. MG 1 was at Rs 6,600 a quintal while un-garbled at Rs 5,100-6,100 a quintal.

Futures contracts on Saturday were Mar Rs 6,580 as against Rs 6,680 on Monday last. Apr Rs 6,984 (Rs 7,028), May Rs 6,918 (Rs 6,961) and June Rs 7,268 (Rs 7,425) a quintal.

There is good domestic demand but upcountry dealers are buying from Sri Lanka at Rs 60 a kg c.i.f and hence they are not active in the terminal market here, market sources said.

The lowest price quoted this week at the National Commodity and Derivative Exchange was Rs 61.30 a kg. Lot of goods were sold at Rs 62- 64.80 a kg on Friday and this trend has its impact on the market in general, the sources said.

Meanwhile, international buyers have taken a wait and watch attitude as harvesting in Vietnam is to commence next month. There are conflicting reports on crop production this year which is said to be down by 20 per cent while some others say that it would be over one lakh tonne.

Indonesia has offered at $1,400 a tonne while Brazil at $1,350-1,375. Vietnam was offering ASTA grade at $1,365-1,375 a tonne. Indian parity is at $1,550 a tonne.

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Pepper prices rule firm