The Hindu Business Line : Pepper futures decline on bull liquidation

Pepper futures declined on Tuesday on bull liquidation. Those who bought forward contracts anticipating that prices would continue to rise, liquidated realising that it may not sustain, as it has reached the saturation point without any domestic or overseas demand.

August contract on NCDEX dropped by Rs 405 a quintal to Rs 10,363on Monday. On NMCE, it fell Rs 442 a quintal to Rs 10,265

The drop for all the other positions on NCDEX was in the range of Rs 234-Rs 371 a quintal, while on NMCE, it was from Rs 160-Rs 291.

Spot prices also fall

The spot prices also dropped by Rs 100 a quintal on selling pressure to close at Rs 9,900 (un-garbled) and Rs 10,000 tonne (MG 1).

Vietnam reported to have reduced the price of 500 GL FAQ to $1,985 a tonne from $2,050 a tonne.

Brazil was offering B2 at $1,800 a tonne and B1 at $1,950 tonne while ASTA at $2,000 a tonne.

Indonesian price is said to be at $2,200-$2,500 a tonne. Indian parity is at $2,400 a tonne because of the strong rupee against dollar.

Sri Lanka also has raised the price to $1,900 a tonne i.e., Rs 9,000 a quintal which is much cheaper and hence it might land up in large quantity in the domestic market in the days to come, market observers pointed out.

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