The Hindu Business Line : Pepper futures move up marginally

Kochi March 16 Pepper futures market gained slightly on Friday on buying support. Investors said to have bought 75 tonnes NCDEX delivered and they were active. On the other hand, those processors who had sold were buying directly from the primary markets. This has made the spot market tight.

Besides, the Vietnam pepper was said to be somewhat firmer while all the other origins also ruled steady. Indian parity was at $2,900 a tonne (c&f), almost at par with other origins.

On NCDEX, March contract moved up by Rs 10 a quintal to close at Rs 11,900 on Friday from Rs 11,890 on Thursday. The increase in other contracts was from Rs 8 to Rs 36 a quintal except for September, which was down by Rs 47 a quintal.

On NMCE, March contract matured and 136 tonnes of pepper were delivered. April contract was up by Rs 4 a quintal to close at Rs 11,855. All other contracts declined by Rs 19-63 except Aug, which moved up by Rs 47 a quintal.

Turnover drops

The total turn over on NCDEX dropped by 3,349 tonnes to 23,848 tonnes while on NMCE, it declined by 80 tonnes to 2,518 tonnes.

The total open interest on NCDEX declined by 24 tonnes to 29,805 tonnes. March position fell by 548 tonnes to 2,910 tonnes. April witnessed a slight decline of three tonne to 12,943 tonnes while May moved up by 297 tonnes to 12,943 tonnes.

On NMCE, total open position dropped by 22 tonnes to 3,398 tonnes.

Vietnam is expected to enter the market in full swing next month and that might pose a threat to the Indian produce in terms of competitive price, market observers told Business Line.

Spot prices ruled steady on Friday at the previous level of Rs 11,200 (un-garbled) and Rs 11,800 (MG 1) a quintal.

Therefore, the exporters have urged the Centre to make available the balance about of about Rs 4 crore out of the Rs 14 crore allocated as export subsidy for shipping out 20,000 tonnes of Indian pepper now so that India would be able to offer a competitive price in Apr/May. "At least 5,000 tonnes of the commodity could be shipped out if it is made available", they claimed.

Imports from Sri Lanka are also expected from next month.

Kodagu and Gudalur pepper is also to arrive in full swing in April. Domestic demand continues to be good.

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