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G.K. Nair

Kochi March 26 Reports of tight supply position in Vietnam with thin arrivals have pushed up the pepper futures market on Monday.

Vietnam was quoting only 500 GL FAQ at $2,465 a tonne (f.o.b.).

They were reportedly not offering other grades.

April contract on NCDEX increased by Rs 311 a quintal to close at Rs 13,415 on Monday from Rs 13,104 last Saturday.

The increase in other contracts was from Rs 310 to Rs 377 a quintal.

April contract on NMCE moved up by Rs 161 a quintal to close at Rs 12,995. The rise in other contracts was from Rs 199 to Rs 528 a quintal.

Turnover up

The total turnover on NCDEX increased by 24,636 tonnes to 42,277 tonnes on Monday while on NMCE it went up by 3,047 tonnes to 6,420 tonnes.

Open interest

The total open interest on NCDEX moved up by 250 tonnes to 28,899 tonnes. April position dipped by 861 tonnes to 9,360 tonnes while May position increased by 1,005 tonnes to 13,199 tonnes.

The total open interest on NMCE moved up by 25 tonnes to 4,258 tonnes. April position on Monday was at 315 tonnes while May at 2,661 tonnes.

Holding back stocks

The upward trend in the futures market has led farmers here to hold back anticipating further rise in the prices. Arrival of un-garbled pepper has dropped. But, there is good domestic demand but it is fully met by direct buying from the primary markets and moving out to upcountry destinations by evading tax, which is allegedly taking place rampantly, market observers told Business Line.

Spot prices

In tandem with the upward trend in the futures market spot prices also moved up by Rs 200 a quintal to close at Rs 12,000 (un-garbled) and Rs 12,600 (MG 1) on Monday.

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