The Hindu Business Line : Pepper futures move up on buying support

Market looks up
August contract on NCDEX moved up to Rs 10,490.
The outstanding position for September and October was 6,509 tonnes and 11,187 tonnes, respectively.
In the international market, Indonesia continued to be firm at $2,425 a tonne.

Kochi , Aug. 23

Pepper futures moved up on Wednesday on buying support from exporters and investors. Good quantity of physical pepper was traded at various levels depending upon the quality of the produce, market sources told Business Line. This phenomenon has pushed up the market.

August contract on NCDEX moved up to Rs 10,490 on Wednesday from Rs 10,387 on Tuesday. On NMCE, however, it dropped to Rs 10,300 from Rs 10,329 on Tuesday.

The increase in other positions on NCDEX was from Rs 25 to Rs 113 a quintal, while on NMCE it was from Rs 27 to Rs 184 a quintal.

Total turnover

The total turnover on NCDEX dropped to 11,196 tonnes from 17,366 tonnes, while on NMCE it fell to 2,212 tonnes from 3,672 tonnes. The total open interest on NCDEX was on 22,007 tonnes compared to 22,422 tonnes, while on NMCE it was at 4,032 tonnes as against 4,007 tonnes on Tuesday. The outstanding position for September and October on Wednesday was 6,509 tonnes and 11,187 tonnes, respectively.

In the international market, Indonesia continued to be firm at $2,425 a tonne and there were no sellers even at this rate. Vietnam was also tight and offering Asta grade at $2,375 - $2,400 a tonne while other grades at $2,000 - $2,100 a tonne. There is said to be little stocks "here and there held by the local arms of the multinationals", they said.

Eyes on Brazil

However, now the entire world is concentrating on Brazil, which is offering Asta grade at $1,850 a tonne while 500 GL at $1,700 and 550GL at $1,750 a tonne. But, once their entire current crop is sold out the buyers may have to look up at other origins, where the prices are persistently ruling at higher levels. "Brazil has a tradition of defaulting," market sources pointed out. Spot prices ruled steady at Rs 9,600 (un-garbled) and Rs 10,000 tonne (MG 1) a quintal.

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