The Hindu Business Line : Marginal decline in pepper futures

Wide fluctuations
The total turnover on NCDEX was down by 10,311 tonnes to close at 23,547 tonnes
On NMCE, it dropped by 2,352 tonnes to 3,881 tonnes
In the international market, tight supply position prevails

Kochi , Oct. 5

Pepper futures market on Thursday witnessed wide fluctuations without any reasons and closed lower than on Wednesday. All the futures contracts witnessed a marginal decline. On NCDEX, October was down by Rs 60 on Thursday to close at Rs 13,281 a quintal from Rs 13,341 on Wednesday.

On NMCE, it was down by Rs 45 to close at Rs 12,920 from Rs 12,965.

Spot prices ruled steady at Rs 12,200 (un-garbled) and Rs 12,600 (MG 1) a quintal on Thursday.

Total open interest on NCDEX on Thursday was at 26,600 tonnes against 26,647 tonnes, while on NMCE it was at 6,007 tonnes compared 5,911 tonnes.

The outstanding position for October, November and December on NCDEX was 5,890 tonnes, 12,152 tonnes and 5,400 tonnes, respectively. On NMCE, the outstanding position for December stood at 3,737 tonnes.

Overseas buyers have shown interest for October/ November/ December in a string together, but sellers are not interested as November in the local front was sold at Rs 138 a kg while December was higher by around Rs 5 a kg.

Brazil rates firm

In the international market, tight supply position prevails and the buyers seem to have adopted a wait and watch attitude. However, Brazil was said to be firmer and traded into USA B Asta at $2,875 a tonne.

Meanwhile, Vietnam reported to have shown interest to sell lower grade at $2,700 a tonne (f.o.b.).

Indonesia was not much active and was offering Lampong Asta at $3,100 a tonne (f.o.b.).

Indian parity for MG 1 (Asta) was $3,200-3,225 a tonne (c&f).

In the domestic market, there was no demand and this is considered as a blessing in disguise for the exporters who could without much disturbance cover, market observers here told Business Line.

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