Date:03/07/2007 URL: http://www.thehindubusinessline.com/2007/07/03/stories/2007070350441400.htm

Back Pepper futures rise

G.K. Nair

Kochi, July 2 The pepper futures market witnessed marginal increase on Monday on reports of upward trend in other origins such as Vietnam and Indonesia.

Vietnam reportedly steady to $30 up. It was offering 500 GL at $3,530 a tonnes (f.o.b.) and 550 GL at $3,750 (f.o.b.).V Asta was quoted at $4,130 (f.o.b.).

Meanwhile, in Indonesia, Lampong Asta was being offered at $4,050-4,100 (f.o.b.). Brazil Asta was said to have traded at $3,800 (f.o.b.).

The Indian produce continues to be competitive in the world market. Exporters were covering from exchanges. There was no selling pressure in the spot.

CONTRACTS POSITION

On Monday, the July contract on NCDEX moved up by Rs 14 a quintal to Rs 15,230.

The increase in other contracts was between Rs 31 and Rs 79 a quintal. On the NMCE, the July contract declined by Rs 14 to Rs 14,875.

The other contracts increased by Rs 42-58 a quintal.

On the NMCE, the total open interest dropped by 39 tonnes to 2,780 tonnes.

The July position declined by 48 tonnes to 1,738 tonnes.

Spot prices on tight supply ruled steady on Monday at last weekend close of Rs 14,200 (un-garbled) and Rs 14,800 (MG 1).