MUMBAI (Commodity Online): Pepper futures fell Friday on sluggish demand in the local markets. Slight improved production prospects from Kerala and Karnataka and arrival of the new crop also put pressure on pepper futures.
At NCDEX pepper November contract closed at Rs.34210 per quintal, a decline of 0.86 per cent against the previous close.
In the early sessions the contract traded at a range of Rs.34175-34700 per quintal. Open interest of the contract stood at 9691 lots and volume traded is 2576 lots.
Production of Pepper in India in 2010-11 is projected to be 48 thousand tonnes (according to the Spices Board) as compared to 50 thousand tonnes last year. However, there are expectations that this estimate would be lowered further on account of the disease attacks and erratic rainfall in the major growing areas particularly Kerala and Karnataka.
Latest reports from Spice Board of India indicates the likely Pepper exports for the period April-August 2011 have risen by 12% to 8.750 MT in 2011 from 7,800 MT in 2010 same period.
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