The Hindu Business Line : Pepper futures fall on bearish reports

Kochi, Nov. 17 Pepper futures fell on Tuesday on bearish reports from overseas that the US market was covered up to December and the requirements were for January to March.

Besides there was a feeling that those holding long positions might liquidate.

Market remained volatile as it moved up marginally and then fell sharply to recover at close. Indonesia continued to export undercutting price and this factor also contributed to the bearish sentiment.

November contract on NCDEX dropped by Rs 161 to close at Rs 14,760 a quintal. December and January fell by Rs 143 and Rs 133 respectively to close at Rs 15,040 and Rs 15,240 a quintal.

Total turnover moved up by 1,993 tonnes to 5,773 tonnes. Total open interest declined by 49 tonnes to 10,748 tonnes. Open interest for November dropped by 366 tonnes, December moved up by 62 tonnes and January increased by 248 tonnes indicating switching over.

Spot prices, in tandem with the futures market, dropped by Rs 100 to close at Rs 14,000 (un-garbled) and Rs 14,500 (MG 1) a quintal.

Indian parity in the international market was at $3,350 a tonne (c&f) as the rupee remained strong against the dollar.

According to an overseas report on Tuesday, India is uncompetitive against Indonesia who continues to look for sales between $3,250 and $3,300. Resellers from India were offering MLV eto-treated at $$3,450 (C&F) New York.

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