Pepper futures in NMCE settled lower on profit booking. Fresh arrivals from two of the world’s largest producers, Indonesia and Brazil, are expected to start in July. World pepper production is expected to fall during the current year. Vietnam, arrivals are still continuing even though the harvesting season finished by the end of May. According to the Spices Board, total pepper output in India was 50,000 tonnes this year, almost steady compared to last year. While in India, harvesting starts in December and continues to February, the world's second largest producer.
July contract in NMCE traded in the range of Rs. 143.51– Rs. 146.65 and closed at 144.01 (146.50). Combined volume stood at 1402. Open interest increased by 63 to 890. Pepper inventories in the NMCE accredited warehouses stood at 1758 metric tonnes. Spot price in Kochi recorded Rs.14500 per quintal.
Source: Commodity Online
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