The Hindu Business Line : Uptrend in pepper futures

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Kochi Jan. 22 Pepper futures continued their upward trend on good buying support. The selling pressure was less, while arrivals at the terminal market failed to pick up.

Meanwhile, investors who were selling far-month positions were buying NCDEX delivered MG 1 grade at Rs11,900 a quintal. February contract on NCDEX moved up by Rs 149 a quintal to close at Rs 11,888 on Monday from Rs 11,739 on last Saturday. The increase in other positions was from Rs 116 to Rs 161 a quintal. On NMCE, February contract went up by Rs 208 a quintal to close at Rs 11,720 from Rs 11,512, while the rise in all other positions was from Rs 117 to Rs 216 a quintal.

Turnover rises

The total turnover on NCDEX increased by 4,334 tonnes to 21,713 tonnes on Monday. On NMCE, it went up by 2,360 tonnes to 5,062 tonnes.Good domestic buying has pushed up spot prices by Rs 200 a quintal on Monday to Rs 11,100 (un-garbled) and Rs 11,700 (MG 1).

The open interest on NCDEX stood at 23,549 tonnes on Monday against 23,545 tonnes on at last Saturday close. Open interest for February was down by 474 tonnes to 9,574 tonnes, while March was up by 267 to 8,202 tonnes on Monday.

Total open interest on NMCE on Monday stood at 3,991 tonnes, and of this, March position was at 3,554 tonnes.

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