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G.K. Nair

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Kochi Jan. 24 Pepper futures market declined on panic selling over rumours that the FMC would ban futures trading in the commodity.

As trading progressed in the afternoon the market became stabilised, as buyers were reluctant and the sellers withdrew.

Adding fuel to the fire, the Kerala State procurement agency Marketfed also announced that it would put on auction 100 tonnes of pepper on Thursday.

However, in the international market all the origins showed firmness. Indonesia has (nominally) quoted $2,900 a tonne (c&f) and Vietnam, $2,800 a tonne (c&f). Brazil was offering at $2,800-2,850 (c&f). Indian parity was at $2,900 a tonne (c&f). As all the other origins are showing firmness those who need coverage will have to fall in line, market observers told Business Line. According to them, overseas support is likely in the coming days.

On NCDEX the February contract was down by Rs 72 a quintal to close at Rs 11,680 on Wednesday from Rs 11,752 on Tuesday. The decline in other positions was from Rs 39 to Rs 112 a quintal.

On NMCE the February contract fell by Rs 120 a quintal on Wednesday to close at Rs 11,500 from Rs 11,620 while the drop in other positions was from Rs 48 to Rs 306 a quintal.

The total turnover on NCDEX was up by 10,438 tonnes to 26,518 tonnes while on NMCE it moved up by 782 tonnes to 4,085 tonnes.

The total open interest on NCDEX improved by 18 tonnes to 23,634 tonnes. On NMCE it increased by 87 tonnes to 4,100 tonnes.

The net open position for February on NCDEX dropped by 879 tonnes to 8,143 tonnes while the March position increased by 535 tonnes to 9,123 tonnes.

Spot prices ruled steady at previous levels of Rs 11,100 (un-garbled) and Rs 11,700 (MG 1) a quintal on Wednesday.

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