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G.K. Nair

Kochi , Sept 6

Pepper futures rose on Wednesday by Rs 655 to Rs 793 a quintal on NCDEX and from Rs 709 to Rs 836 on NMCE.

The futures market touched the highest permissible level for the day, on reports of confirmation by the Sri Lankan Commerce Secretary, Mr R.M.K. Ratnayake, that black pepper export volumes to India will be capped at 2,500 tonnes and a shortfall in carry-forward stocks from 2004 to 2005 by 8,755 tonnes of black pepper and 17,365 tonnes of white pepper in the International Pepper Community statistics, market observers told Business Line.

September contract on NCDEX rose by Rs 663 a quintal to close at Rs 13,000 from Rs 12,337 on Tuesday, while on NMCE it shot up by Rs 709 to close at Rs 12,999 a quintal from Rs 12,290.

The total turnover of NCDEX on Wednesday rose by 24,996 tonnes to close at 58,799 tonnes from 33,803 tonnes on Tuesday, while on NMCE it increased by 2,762 tonnes to close at 11,080 tonnes from 8,318 tonnes.

Open interest

The total open interest on NCDEX dropped by 793 tonnes to 26,621 tonnes from 27,414 tonnes. On NMCE it moved up by 605 tonnes to 5,560 tonnes from 4,955 tonnes.

The open interest for October dropped by 944 tonnes to 16,649 tonnes on Wednesday whereas its trading increased to 44,187 tonnes from 25,537 tonnes on Tuesday. Open interest for September also declined by 171 tonnes to 3,142 tonnes from 3,313 tonnes while the trading in this contract increased by 1,670 tonnes to 5,773 tonnes from 4,103 tonnes. The open interest for October on NMCE stood at 3,845 tonnes as against 3,520 tonnes.

No selling pressure

There was no selling pressure in the market. Investors were ready to buy spot at higher levels, market observers said.

Meanwhile, some quantity has already been traded to the US and Europe by Indian exporters late last week and early this week, they said.

The spot prices also shot up on Wednesday on buying support by Rs 400 a quintal to close at Rs 11,200 (un-garbled) and Rs 11,600 (MG 1).

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