The Hindu Business Line : Pepper futures improve on buying

On the National Commodity and Derivatives Exchange Ltd (NCDEX), 2,925 tonnes of June contracts were delivered. The July contract was up by Rs 15 at Rs 6,725 a quintal. All other positions except November and December, which were down by Rs 28 and Rs 29 a quintal, were up by Rs 20 to Rs 40 a quintal.

On the National Multi-Commodity Exchange of India Ltd (NMCE), July delivery had gone up by Rs 57 to close at Rs 6,720 a quintal. Here also August, September and October positions moved up by Rs 35, Rs 40 and Rs 75 a quintal respectively, while November and December dropped by Rs 58 and Rs 50 a quintal respectively.

Turnover down

The total turnover on NCDEX on Wednesday was 1,356 tonne as against 3,326 tonnes on Tuesday, while on NMCE it was 76 tonnes compared with 132 tonnes on Tuesday.

The total outstanding position on NCDEX dropped to 15,711 tonnes on Wednesday following the June delivery from 18,701 tonnes on Tuesday, whereas at the NMCE it was 1,757 tonnes compared with 1,742 tonnes.

The outstanding position for July and August at the NCDEX was 7,200 tonnes and 4,512 tonnes respectively.

Activities in the international market were limited. Buyers are holding back hoping for a crash in the pepper market. The prices of other origins are ruling at the previous levels.

"We are competitive in the world market for June/July delivery and hence some business could be expected," market sources told Business Line. During the past fortnight some business had taken place, they said.

Primary market dealers are said to have taken delivery of 500 tonnes from Wayanad.

No selling pressure was there in the ready market and the spot prices were ruling steady at the previous levels of Rs 6,500 (un-garbled) and Rs 6,900 (MG 1) a quintal.