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G K Nair

Kochi , Dec 15

Pepper futures market shot up on buying support and thin availability.

Those who were holding short positions were covering back while no fresh sellers were forthcoming. Physical pepper was not available.

Exporters who were looking to cover from futures market are now finding it difficult to cover as the futures prices have shot up, market observers told Business Line.

Indian parity has gone up to $2,525 a tonne on Friday. Brazil was offering B Asta at $2,475-2,500 but very limited sellers. Sri Lanka was quoting 525 GL at $2,400 a tonne, which only those holding advance licence could buy for processing and re-exporting. In the international market buyers are now looking forward to Vietnam's new crop and that might be available after the Chinese New Year in Feb.

December contract on NCDEX shot up by Rs 227 a quintal to close at Rs 10,000 on Friday. The increase in other positions was from Rs 197 to Rs 259 a quintal.

On NMCE, December increased by Rs 250 a quintal to close at Rs 9,650.

The rise in other positions was from Rs 198 to Rs 296 a quintal.

Turnover up

The total turnover on NCDEX increased by 3,420 tonnes to 18,982 tonnes, while on NMCE, it moved up by 134 tonnes to 2,020 tonnes.

Spot prices also increased in tandem with the futures market trend and the growing demand by Rs 100 a quintal to Rs 9,300 (un-garbled) and Rs 9,900 (MG 1) on Friday.

The total open interest on NCDEX dropped by 454 tonnes to 23,061 tonnesNet open position for December fell by 867 tonnes to 2,598 tonnes. January also dropped by 80 tonnes to 12,084 tonnes. Meanwhile, February position went up by 374 tonnes to 4,321 tonnes.

On NMCE, open interest declined by 26 tonnes to 3,581 tonnes. December position dropped by 28 tonnes to 378 tonnes, while January was down by 33 tonnes to 942 tonnes and March up by 28 tonnes to 2,056 tonnes.

In the domestic market north Indian demand has started picking up and new crop from Kerala's Wayanadu district has begun to move out directly from the primary market to up-country markets. The dealers in Delhi who were not keeping stocks because of the sealing crisis said to have started buying now. Industry buying has also just commenced, they said.

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