Date:14/07/2006 URL: http://www.thehindubusinessline.com/2006/07/14/stories/2006071402021300.htm

Back Pepper futures decline

G.K. Nair

Kochi , July 13

Pepper futures declined on Thursday despite buying interest from investors and exporters. There was buying interest for NCDEX and NMCE delivered besides exporters were actively looking for spot pepper. The rupee was weak against the dollar. In the international market the prices ruled at the previous higher levels. Notwithstanding these favourable factors the market faced a drop, market sources told Business Line. "It must be a technical correction," they said.

Crop Rumours

Meanwhile, there were rumours that the next crop in Vietnam and India would be less. According to them given the current situation there are chances for orders from overseas. The July delivery is also nearing maturity.

The July delivery was down by Rs 47 to close at Rs 7,663 a quintal on Thursday from Rs 7,710 on Wednesday. While on NMCE July contract moved up by Rs 148 to close at Rs 7,770 from Rs 7,622 a quintal.

All the other positions on NCDEX except for August, which was up by Rs 56, dropped and the decrease was from Rs 36 to Rs 58, while all the other positions on NMCE fell from Rs 17 to Rs 64 a quintal.