The Hindu Business Line : Pepper futures up on reports of poor crop

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Kochi Jan. 31 Pepper futures market shot up on Wednesday on sharp fall in the current crop in India and delayed harvesting in Vietnam. The growers in Kerala are said to have claimed that the crop would be less by 75 per cent but the trade estimates put it at 50 per cent. The total output would be around 40,000 tonnes.

Imports

Such a situation might necessitate imports this year to meet the domestic demand, estimated at around 50,000 tonnes, market observers pointed out. The imports during April-December 2006 are estimated at over 15,000 tonnes. Exporters who are having commitments are finding it difficult to cover, they said.

The other origins are also reportedly firm and the international market remained bullish. The February contract on NCDEX went up by Rs 316 a quintal to close at Rs 12,921 on Wednesday from Rs 12,605 on Tuesday. The increase in other positions was from Rs 218 to Rs 340 a quintal.

On NMCE, February contract moved up by Rs 360 a quintal to close at Rs 12,600 from Rs 12,240. The rise in other positions except July was from Rs 290 to Rs 380 a quintal. July position was down by Rs 49 to Rs 13,451 from Rs 13,500 a quintal.

Turnover up

The total turnover was up by 5,978 tonnes to 55,329 tonnes on NCDEX, while on NMCE it was up by 543 tonnes to 9,167 tonnes. The total open interest on NCDEX increased by 424 tonnes to 26,761 tonnes on Wednesday. The February position was down by 416 tonnes to 6,385 tonnes while for March it was up by 92 tonnes to 11,724 tonnes.

Open interest

On NMCE, the total open interest slipped by 11 tonnes to 4,509 tonnes of which March position stood at 3,918 tonnes. The tight supply position and strong domestic demand has pushed up the spot prices on Wednesday by Rs 200 a quintal to close at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1).

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