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G.K. Nair

Indian parity drops to $3,000 a tonne

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Kochi Feb. 12 Pepper futures market witnessed a sharp fall on Monday for want of buying support.

There was a slow down in the domestic demand due to decline in the futures. However, investors said to have bought 100-120 tonnes of MG 1 NCDEX delivered basis at Rs 122, Rs 123 and Rs 124 a kg.

Those who have sold could now buy NMCE Feb, which is nearing maturity, trading much below the price on the NCDEX.

Following the decline, the Indian parity has dropped to $3,000 a tonne levels on Monday. In the absence of export subsidy, the current price is not competitive, market observers told Business Line.

On NCDEX, Feb contract fell by Rs 346 a quintal on Monday to close at Rs 12,136. The drop in other contracts was from Rs 311 to Rs 453 a quintal.

On NMCE, Feb contract dropped by Rs 133 a quintal to close at Rs 11,951 from Rs 12,084. The decline in other contracts was from Rs 438 to Rs 480 a quintal.

Turnover up

The turnover on NCDEX increased by 14,527 tonnes to 23,828 tonnes.

On NMCE, also it moved up by 2,527 tonnes to 4,369 tonnes.

The total open interest on NCDEX increased by 1,188 tonnes to 28,129 tonnes.

The net open position for Feb dropped by 470 tonnes to 2,667 tonnes, while that of March moved up by 944 tonnes to 15,546 tonnes.

Open interest down

On NMCE, the total open interest declined by 161 tonnes to 4,857 tonnes of which, 4,112 tonnes belonged to March.

Slow domestic demand has pushed the spot prices down by Rs 200 a quintal to close at Rs 11,600 (un-garbled) and Rs 12,200 (MG 1).

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