The Hindu Business Line : Upward trend in pepper futures

Pepper futures market, which has witnessed a continuous decline during the past few days on bull liquidation, improved on Wednesday on some positive support in the market.

The June position moved up by Rs 56 a quintal on NCDEX on Wednesday to close at Rs 6,544 as against Rs 6,488 a quintal on Tuesday, while on NMCE it increased by Rs 102 to close at Rs 6,515 from Rs 6,413 a quintal yesterday.

The rise for all other positions on NCDEX ranged from Rs 60 to Rs 82 a quintal. On NMCE, the increase was from Rs 40 to Rs 110 a quintal for all other positions.

Indian parity

Some business has taken place with the US at $1,600-1,625 a tonne (c&f) for June, while enquiries are there for July/August. Indian parity is down by $25 a tonne and at this rate more and more business might take place in the coming days, market sources told Business Line. Prices of other origins remained at last week's levels and hence Indian pepper is at an advantageous position at present. However, the overseas buyers are testing the market given the decline in June prices.

Spot prices ruled steady at Tuesday's level of Rs 6,900 (MG 1) and Rs 6,500 (un-garbled) a quintal on Wednesday. There was no selling pressure in the spot market.

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