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G.K. Nair

Kochi , Sept. 25

Pepper futures fell sharply on Monday on bearish speculative activities.

The October contract dropped by Rs 701 a quintal on NCDEX to close at Rs 13,340. On NMCE, it fell by Rs 651 a quintal to close at Rs 13,120.

The decline in other positions on NCDEX was from Rs 626 to Rs 778 a quintal, while on NMCE it was from Rs 550 to Rs 781 a quintal.

The total turnover on NCDEX on Monday increased by 17,167 tonnes to close at 45,369 tonnes from 28,202 tonnes, while that of the NMCE increased by 4,270 tonnes to close at 9,414 tonnes from 5,144 tonnes.

Open interest down

The total open interest on NCDEX stood at 28,787 down by 1,167 tonnes, while on NMCE it was at 5,472 tonnes against 5,496 tonnes last Saturday.

The outstanding position for October, November and December on NCDEX was 8,648 tonnes, 13,207 tonnes and 3,821 tonnes respectively. The outstanding position for October on NMCE was at 2,663 tonnes.

Market sources said speculators had hammered down the market. Without any changes in the fundamentals they had been pushing up the prices and then pulling it down, they alleged. There was not much selling pressure also in the spot market. According to reports from Indonesia and Vietnam there was no declining trend in the market. However, it was reported earlier that there was a declining trend in the prices of Brazilian pepper.

They said that earlier on Monday spot pepper was traded at Saturday's level and yet the futures market fell.

In tandem with the futures market trend, spot prices dropped by Rs 200 a quintal to close at Rs 12,400 (un-garbled) and Rs 12,800 (MG 1) on Monday.

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