The Hindu Business Line : Pepper futures move up on bull operators

The prices are pushed up and brought down without any changes in the fundamentals and the small players are caught in between, market observers told Business Line.

On NCDEX, March contract went up by Rs 227 a quintal on Thursday to Rs 12,586.

The increase in other contracts was from Rs 187 to Rs 224 a quintal.

March contract on NMCE increased by Rs 203 a quintal to Rs 11,862.

The rise in other contracts was from Rs 125 to Rs 340 a quintal.

Turnover up

The total turnover on NCDEX increased by 16,240 tonnes to 25,893 tonnes, while on NMCE moved up by 421 tonnes to 3,337 tonnes.

The total open interest on NCDEX went up by 1,164 tonnes to 30,510 tonnes, while that of March dropped by 225 tonnes to 11,672 tonnes. April position shot up by 1,311 tonnes to 10,568 tonnes.

On NMCE, total open interest moved up by 194 tonnes to 5,279 tonnes. The March position stood at 3,583 tonnes with an increase of 24 tonnes.

In the international market Vietnam was offering 500 GL at $2,400 a tonne (fob).

Brazil was quoted B Asta (Belam) at $2,650 a tonne (fob) while B 1 560 GL at $2,600 a tonne. B Asta (Victoria) was quoted at $2,550 a tonne (fob). Lampong Asta was being offered at $2,750 - $2,800 a tonne (fob). But the local prices here were higher as replacement was not available.

Indian parity is at $2,950 a tonne (c&f).

There is not much difference between the Indian parity and that of other origins and hence if the unutilised funds (about Rs 4.5 crore) out of the Rs 14 crore allocated last year towards export subsidy is made available the Indian produce would become competitive and as a result another 10,000 tonne of MG 1 could be shipped out this fiscal, they claimed.

Spot price

Spot prices in tandem with the futures market trend also moved up by Rs 100 a quintal to Rs 11,500 (un-garbled) and Rs 12,100 (MG 1) on Thursday.

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