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G.K. Nair

Kochi , June 26

The weakening of the rupee against the dollar coupled with non-availability of pepper outside the exchange created a favourable sentiment in the pepper futures market on Monday.

As there was no selling pressure in the spot, there were buyers, Government societies, to buy at Rs 7,150 a quintal NCDEX delivered, market sources told Business Line. Selling pressure was only in exchanges and, hence, unsold stocks at exchanges would get absorbed and exported. Also, the subsidy available for exports would place our pepper at competitive levels at $1,700 a tonne (C&F), they claimed. The prices of other origins were also ruling at previous higher levels.

Rise in positions

All the positions showed substantial rise on both NCDEX and NMCE on Monday.

July delivery was up by Rs 127 a quintal on NCDEX to close at Rs 6,990 a quintal from Rs 6,863 on Saturday. It went up to Rs 7,000 a quintal during the course of trading. The increase in other positions was from Rs 87 to Rs 145, while on NMCE July position went up by Rs 109 a quintal to close at Rs 6,969 from Rs 6,860. The rise in other positions was from Rs 30 to Rs 133 a quintal.

Open interest

The open interest on NCDEX was 15,373 tonnes as against 15,460 tonnes on Saturday, whereas on NMCE it was 2,063 tonnes compared to 2,007 tonnes.

The July and August positions on NCDEX on Monday were at 6,079 tonnes and 4,714 tonnes respectively.

In tandem with the increase in the futures prices, the spot also went up by Rs 100 a quintal to close at Rs 6,650 (un-garbled) and Rs 7,050 (MG 1) a quintal.

More Stories on : Spices & Condiments | Commodity Exchanges

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