Pepper futures gain on tight supplies

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KOCHI, DEC. 23:

Pepper futures recovered on tight supplies, while spot prices ruled steady on limited activities on Monday.

While prices on the National Multi Commodity Exchange improved, they were unchanged on IPSTA Exchange.

The domestic market was active.

Erode based inter-State dealers are catering to the domestic demand, especially upcountry markets, sources said.

On the spot, arrivals were thin at around seven tonnes and they were traded between Rs 450 and Rs 510 a kg, depending on the moisture content, bulk density and area of production.

In the international market, most markets are closed for Christmas and the New Year.

Indonesia and Vietnam are not having any material to offer.

Export prices were up as the rupee gained against the dollar.

On the NMCE, January and February contracts increased by Rs 495 and Rs 121 a quintal, respectively, to Rs 53,390 and Rs 553,150 .

Turnover increased to 25 tonnes, while net open position remained unchanged at 22 tonnes.

Spot prices remained unchanged at Rs 499 (ungarbled) and Rs 519 (garbled) a kg on very limited activities.

Export prices were up at $8,800 a tonne c&f for Europe and $9,025 c&f for the US.

Source: The Hindu

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