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G K Nair

Kochi March 19 The pepper futures market moved up on Monday on reported tight position currently in Vietnam.

Good Chinese demand and buying of light pepper by oleoresin industry said to have created the tight position.

Selling pressure has not yet built up there and enough contracts for shipments have been reportedly concluded.

Therefore, the prices there ruled steady to higher, market observers told Business Line.

Vietnam was offering 500 GL at $2,340-2,350 a tonne (f.o.b.), while Asta grade was being offered at $2,850-2,850 a tonne (c&f). Indian parity is at $2,950 (c&f). Indonesia was steady.

However, pressure from Vietnam and Sri Lanka is expected to build up next month.

NCDEX up

On NCDEX, March contract moved up by Rs 136 a quintal on Monday to close at Rs 12,100 from Rs 11,964 at last Saturday close. The increase in other contracts was from Rs 85 to Rs 156 a quintal.

On NMCE, March contract went up by Rs 114 a quintal to close at Rs 11,930 from Rs 11,818, while the rise in other contracts was from Rs 58 to Rs 288 a quintal.

Turnover

The total turnover on NCDEX increased by 10,659 tonne to 19,681 tonne, while on NMCE it moved up by 703 tonne to 1,427 tonne.

Open interest

The total open interest on NCDEX increased by 246 tonne to 30,252 tonne. March position dropped by 1,035 tonne to 1,615 tonne, while April and May went up by 551 tonne and 454 tonne respectively to 13,830 tonne and 8,498 tonne.

On NMCE, the total open interest moved up by 51 tonne to 3,416 tonne. May and June positions were at 1,875 tonne and 1,045 tonne respectively. April position stood at 340 tonne.

Selective buying was there from overseas for Indian pepper for March and April first half shipments, they said.

As the speculators push up the markets investors are selling futures and buying from the processors exchange delivered and the latter in turn will by from the spot.

Domestic demand continued to be good and met directly from the primary market directly.

Spot prices

Spot prices also moved up by Rs 100 a quintal to close at Rs 11,300 (un-garbled) and Rs 11,900 (MG 1).

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