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G.K. Nair

Kochi , Dec. 19

Pepper futures market moved up on buying support and reports of likely decline in production in India and some other origins.

Besides, domestic industrial buying from the terminal market has also started. Those processing units, which urgently need the commodity were buying from North Indian dealers. They have also started making enquiries for quality pepper, market sources told Business Line. However, overseas buyers are still holding back anticipating that the prices would fall after the new crop arrived in the markets.

Indian parity

Indian parity has moved up to $2,500 a tonne level. December contract on NCDEX moved up to close at Rs 9,800 a quintal on Tuesday from Rs 9,674 on Monday. The increase in other positions was from Rs 30 to Rs 163 a quintal.

On NMCE, January contract increased to close at Rs 9,610 from Rs 9,437 on Monday. All other positions went up except February, which fell to Rs 9,700 a quintal from Rs 9,988. The increase in other positions was from Rs 69 to Rs 127 a quintal.

Turnover down

The total turnover on NCDEX slipped to 16,241 tonnes on Tuesday from 16,307 tonnes, while on NMCE it fell to 1,146 tonnes from 1,275 tonnes.

The total open interest on NCDEX fell to 21,603 tonnes from 22,485 tonnes. December net open position fell to 1,285 tonnes from 1,789 tonnes. January, February and March positions also slipped by 238 tonnes, 128 tonnes and 118 tonnes, respectively, to 11,498 tonnes, 4,584 tonnes and 2,705 tonnes. On NMCE open interest moved up by five tonnes to 3,300 tonne on Tuesday. Spot prices ruled steady at previous level at Rs 9,200 (un-garbled) and Rs 9,800 (MG 1) a quintal.

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