The Hindu Business Line : Pepper futures rebound

However, there was no change in the fundamentals and the tight physical position continued to prevail. In fact, there were no sellers. Both spot and futures were tight.

Besides, some business with the US and Europe is now taking place which has also contributed to the rise. Some overseas buyers appear to be turning towards India, as contrary to their expectations Vietnam prices continued to rule steady without any immediate sign of decline, market observers told Business Line.

Traditional origin

The traditional origins such as Indonesia and Malaysia were on higher levels and at par with Indian parity of $2,900 a tonne (c&f).

Brazil was offering B-Asta at $2,600 a tonne (f.o.b.) while Vietnam was quoting V Asta at $2,550 a tonne (f.o.b.), but very limited offer. Vietnam offers mainly 550 GL.

In fact, multinational companies having operations in Vietnam are buying Indian pepper.

The tight supply position is evident from the very low arrivals at the terminal markets, they said.

Price details

On NCDEX, March contract increased by Rs 244 a quintal on Thursday to close at Rs 11,891 from Rs 11,647 on Wednesday.

The rise in other contracts was from Rs 266 to Rs 387 a quintal.

On NMCE, March contract moved up by Rs 37 to close at Rs 11,225.

The increase in other contracts was from Rs 269 to Rs 367 a quintal.

Turnover

The total turnover on NCDEX went up by 9,976 tonnes to 27,197 tonnes on Thursday, while on NMCE it increased by 713 tonnes to 2,611 tonnes.

The total open interest on NCDEX also moved up by 639 tonnes to 28,829 tonnes. However, March position dropped by 1,270 tonnes to 3,458 tonnes while April and May moved up by 806 tonnes and 742 tonnes, respectively to 12,946 tonnes and 7,630 tonnes.

On NMCE, total open interest declined by 12 tonnes to 3,556 tonnes. March position dropped by 37 tonnes to 136 tonnes.

Spot price

In tandem with the futures market trend, spot prices also moved up on Thursday by Rs 100 a quintal to close at Rs 11,200 (un-garbled) and Rs 11,800 (MG 1).

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