Pepper arrivals dipped to 200 quintals in Kochi from 300 quintals over the last day while offtakes spurted to 250 quintals from 150 quintals on last day. Black Pepper for ready delivery in Kochi mandi closed with gains with MG-1 at Rs 41,800 and Un-Garbled pepper at Rs 40,300 per 100 kg, up Rs 200 per quintal respectively.
India's total production of pepper during the year 2012 was estimated at 43,000 tonnes against 48,000 tonnes in 2011. India's crop dipped due to old vines, static acreage, low replanting and high labor cost. Besides, unfavorable weather conditions in 2011-12 affected the production. There are reports the next year crop will be slightly better around 50,000 tonnes as crop condition in Idukki in Kerala and Karnataka are likely to be better. The crop is expected to come after mid December only.
Indian pepper prices dropped 3.45% from recent high to Rs 42450 level in the last four days, due to weak export and lack of offtakes from major importers. The counter touched high of Rs 43400 and ended the day at Rs 43265, up Rs 410 or 0.96% from last close. The open interest dipped 2.22% to 4,924 tonnes, indicating short covering.
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