The Hindu Business Line : Pepper rises on rumours of hike in Vietnam price

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Kochi Feb. 27 Pepper futures market moved up on rumours that prices in Vietnam have increased and that there might be some announcements in the Union Budget to be presented on Wednesday in the Parliament about WTO compatible subsidy for export of pepper.

There was not much activity in the market. However, some of the exporters were buying.

The spot market witnessed some selling pressure because of the decline in the futures in recent days. But, tight supply position continued to persist both in domestic and world market. The fundamentals thus remained unchanged.

The March contract on NCDEX moved up by Rs 78 a quintal on Tuesday to close at Rs 12,381 from Rs 12,303 on Monday. The increase in other contracts was from Rs 46 to Rs 98 a quintal.

On NMCE, March contract increased by Rs 78 a quintal to close at Rs 11,701 from Rs 11,623 on Monday. The rise in other positions was from Rs 50 to Rs 117 a quintal.

Turnover up

The total turnover on NCDEX on Tuesday moved up by 938 tonnes to 21,641 tonnes, while on NMCE, it increased by 765 tonnes to 4,368 tonnes.

The total open interest on NCDEX dropped by 594 tonnes to 29,889 tonnes while for the March open position fell by 851 tonnes to 12,547 tonnes.

April position went up by 114 tonnes to 9,361 tonnes. The increase in other positions was marginal.

On NMCE, the total open interest moved up by 168 tonnes to 5,079 tonnes. March position stood at 3,700 tonnes down by 83 tonnes on Tuesday.

The spot prices ruled steady at previous levels of Rs 11,500 (un-garbled) and Rs 12,100 (MG 1) a quintal on Tuesday.