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G.K. Nair

Kochi March 8 The pepper futures market moved up on Thursday on bullish activities without any change in fundamentals.

Buy and sell calls kept the market fluctuating and small players were caught in between, market observers told Business Line.

There was not much selling pressure.

However, investors were buying exchange delivered pepper and selling futures later positions.

This was keeping the market tight.

Good demand

Domestic demand is good as stockists were buying, but directly from the primary markets evading tax, they said.

In the international market, the prices of all other origins remained firm and Vietnam does not seem to reduce its prices, as the farmers did not seem to be in a hurry unlike last year.

International market players foresee good buying support in the coming weeks. The buyers are just waiting for the Vietnam crop to arrive in a big way.

The March contract on NCDEX went up by Rs 119 a quintal to close at Rs 12,005 from Rs 11,886 on Wednesday.

The increase in other contracts was from Rs 117 to Rs 156 a quintal.

March contract on NMCE moved up by Rs 89 to close at Rs 11,281.

The increase in other contracts was from Rs 61 to Rs 144 a quintal.

The total turnover on NCDEX increased by 3,360 tonnes to 21,166 tonnes, while on NMCE it moved up by 70 tonnes to 2,259 tonnes.

The total open interest on NCDEX improved by 148 tonnes to close at 29,556 tonnes on Thursday.

The March position was down by 500 tonnes to 7,739 tonnes, while April and May moved up by 524 tonnes and 93 tonnes respectively to 11,530 tonnes and 6,172 tonnes.

The total open interest on NMCE moved up by 48 tonnes to 5,356 tonnes.

The March position was down by 131 tonnes to 2,813 tonnes.

The spot prices ruled steady on Thursday at previous levels of Rs 11,200 (un-garbled) and Rs11,800 (MG 1) a quintal.

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