Pepper loses sting on selling pressure

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KOCHI, JAN 2:

Pepper futures slipped on reports of easier Vietnam market and some selling pressure.

Inter-State dealers from Wayanad and Kozhikode have bought good volumes from primary markets in Kollam, Pathanamthitta and Kottayam districts. They moved the material to Erode in Tamil Nadu. Tax benefts in the neighbouring State are facilitating the trade.

On the spot, 70 tonnes of pepper arrived from several southern and Malapuram districts. They were traded between Rs 487 and Rs 514 a kg depending upon quality such as bulk density, dryness, area of production, etc market sources toldĀ Business Line.

Demand from upcountry has strengthened. Inter-State dealers were aggressive and active.

On the NMCE, January and February contracts slipped by Rs 50 and Rs 207 respectively to Rs 52,850 and Rs 52,900 a quintal.

Turnover dropped to 10 tonnes. Net open position remained unchanged at 23 tonnes.

On the IPSTA, January and February contracts fell by Rs 500 and Rs 491 respectively to Rs 52,500 and Rs 51,518.

Spot prices stayed unchanged at Rs 50,100 (ungarbled) and Rs 52,100 (garbled) a quintal.

Export price slid to $8,650 c&f Europe and $8,900 a tonne c&f for the US on fall in prices and weak rupee.

Source: The Hindu

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