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G.K. Nair

Kochi, Feb 28 The pepper futures market ruled steady on Wednesday with limited buying activities and marginal fluctuations.

The March contract on the NCDEX moved up by Rs 20 a quintal on Wednesday to close at Rs 12,365.

The April contract improved by Rs 2, while May ruled steady at the previous level. On NMCE, March contract declined by Rs 7 to Rs 11,680,

Spot prices declined by Rs 100 a quintal to Rs 11,400 (un-garbled) and Rs 12,000 (MG 1).

The warehouse space shortage continues to persist and if it is not sorted out there could be a problem for small sellers who have already sold pepper to investors and other major players and are waiting to deliver the goods.

The international market also ruled steady. The prices of other origins are also ruling firm. Vietnam was offering V-ASTA at $2,800 a tonne (f.o.b.), 550 GL at $2,550 (f.o.b.) and 500 GL at $2,400 (f.o.b.).

Brazil has quoted B-Asta at $2,550 (f.o.b.), but there are said to be limited sellers.

B1 and B2 were being offered at $2,450-2,350 (f.o.b.).

Vietnam, which is the only major source now, might move its heavier pepper for converting to white instead of going for Asta grade, given the wide gap between white and black pepper.

The conversion cost is said to be much less in Vietnam. Vietnam was offering white at $3,880 against Indonesia's $3,800 and China's $3,600.

Short supply of ASTA grade from Vietnam could result in demand coming from overseas markets for Indian MG1, sources said.

June, July and August contracts declined by Rs 7, Rs 42 and Rs 88 respectively.

Other contracts on NMCE saw decline of Rs 26-100.

The total turnover on the NCDEX fell by 11,988 tonnes to 9,653 tonnes on Wednesday, and by 1,452 tonnes to 2,916 tonnes on the NMCE.

The total open interest on the NCDEX declined by 553 tonnes to 29,346 tonnes, while the March position dropped by 650 tonnes to 11,897 tonnes, while that of April fell by 104 tonnes to 9,257 tonnes.

On the NMCE, the total open interest stood at 5,085 tonnes, while the March position stood at 3,539 tonnes.

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