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G.K . Nair

Kochi , May 8

Pepper futures on Monday showed some improvement on increased activity by speculators.

Investors were showing interest to buy spot in un-garbled form delivered on NCDEX designated warehouses at price around Rs 3 below the spot prices i.e, at Rs 6,850 - 6,900 a quintal. Besides, there was no selling pressure in the spot market. These factors have contributed to the upward swing in the future prices, market sources told Business Line.

However, the price discovery mechanism as far as May position is concerned is not happening and "this is a cause for concern", they claimed.

OVERSEAS DEMAND

There are chances for overseas demand emanating in the coming days given the current changes in the market, which contrary to the expectations has stabilised and has shown signs of improvement. This trend might influence the buyers to become active, as the current Indian parity is competitive.

The last trading price on Monday for May position on NCDEX was up by Rs 151 to Rs 6,699 from Rs 6,648 on last Saturday. OnNMCE it went up by Rs 86 to Rs 6,525 a quintal from Rs 6,439.

The increase in LTP of other positions on NCDEX was from Rs 153 to 172 a quintal, while on NMCE it was from Rs 30 to Rs 85 a quintal.

Total turnover on Monday on the NCDEX increased by 2,242 tonnes to 4,035 tonnes from 1,793 tonnes on Saturday while at the NMCE it increased by 182 tonnes to 711 tonnes.

The open interest on the NCDEX was up by 373 tonnes to 19,456 tonnes as against 19,083 tonnes on Saturday. In the NMCE it was down by 142 tonnes to close at 3,784 tonnes on Monday from 3,928 tonnes.

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