Kochi, Aug 25

Pepper futures were buoyant last week on good demand amid tight supply. 

The spot market continued to show an uptrend last week following tight availability amid strong demand from upcountry markets. However, at the end of the week as the prices have crossed Rs 400 a kg level, some selling pressure was seen. 

Those who are holding their produce were showing the tendency to liquidate. Ranjkumari pepper was offered at Rs 425 a kg while High Range material at Rs 410 and that from the plains at Rs 400-405 depending upon the quality. At the same time, demand from the upcountry markets is expected to pick up in the coming days after the “Pournami”, they said. 

Meanwhile, the trade claimed that much of the material arriving from the plains and Wayanad had high moisture content and was fungus infested. 

Harvesting in Tamil Nadus Palani hills, Yercaud regions was in full swing, although the output is much less. To meet the upcountry demand, Tamil Nadu based interstate dealers were actively covering from Idukki district of Kerala. 

Erode is claimed to have become a major hub for pepper trade after turmeric, they said. They were buying on cash-and-carry basis from the door steps of the growers and even ready to buy MG 1 at Rs 425 a kg, they claimed. 

Sept and Oct contracts on the NMCE continued to increase last week and they were up by Rs 1,064 and Rs 1,824 respectively to Rs 44,000 and Rs 44,900. 

Total turn over moved up by 29 tonnes to 129 tonnes. 

Total open interest went up by 20 tonnes to 46 tonnes. 

Spot prices also continued its uptrend by Rs 500 to close at Rs 40,500 (ungarbled) and Rs 42,500 (garbled).