India pepper futures fall on low export demand
MUMBAI, July 7 (Reuters) - Indian pepper futures fell on Monday due to sluggish export demand tracking fresh arrivals in Indonesia and Brazil, analysts said.
"Arrivals in Indonesia and Brazil have started which is putting some downward pressure," said Veeresh Hiremath, an analyst with Karvy Comtrade Ltd.
Harvesting in Brazil and Indonesia, two of the largest producers and exporters, started in July.
Lower prices in Vietnam also weighed on the sentiment, said Vibhu Ratandhara, an analyst with Bonanza Commodity Brokers Pvt Ltd.
Vietnam is the world's largest pepper producer and exporter.
However, a tight supply situation and low rainfall in major growing regions capped the losses, Hiremath said.
Open interest for August contract rose to 9,306 tonnes from 8,884 tonnes the previous session.
Spot pepper fell 0.6 percent to 14,171 rupees per 100 kg in spices hub of Kochi in Kerala.
Following are the closing prices of pepper futures in rupees per 100 kg on the National Commodity and Derivatives Exchange Ltd. <0#NPE:>: Continued...
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