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G.K. Nair

Kochi , June 8

Pepper futures market ruled steady on Thursday on buying support.

Some national level co-operatives and investors were buying NCDEX delivered. Further up positions improved while nearby positions declined in NCDEX.

There appears to be buying interest in the international market as the buyers said to have done some business with Indonesia at $1,650 a tonne (C&F).

But, the low prices quoted for June delivery on exchanges seem to have misguided the overseas players who are insisting on that price, market sources told Business Line.

June position at NCDEX closed at Rs 6,540 a quintal as against Rs 6,539 while at NMCE it was down by Rs 17 a quintal to close at Rs 6,491 from Rs 6,508. July, August and October positions at NCDEX were down by Rs 26, Rs 29 and Rs 16 respectively while September and Nov positions moved up by Rs 40 and Rs 37 respectively.

At NMCE July, October and November dropped by Rs 11, Rs 17 and Rs 128 respectively while August and September positions ruled steady.

The total turnover on Thursday at NCDEX stood at 1,586 tonnes as against 1,824 tonnes yesterday while at NMCE it was 75 tonnes compared to 132 tonnes the previous day.

Open interest

Total open interest at NCDEX was 19,169 tonnes as against 19,355 tonnes on Wednesday, where as at NMCE it was 1,939 tonnes compared to 1,949 tonnes yesterday.

Open interest for June, July and August at NCDEX on Thursday was 7,306 tonnes, 6,386 tonnes and 3,154 tonnes respectively.

For spot there were buyers at higher level but there were no sellers. However, the spot prices ruled steady at yesterday's level of Rs 6,500 (un-garbled) and Rs 6,900 (MG 1) a quintal.

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