The Hindu Business Line : Pepper futures shoot up on Vietnam price rise

Kochi April 4 Pepper prices shot up by over Rs 500 a quintal on the futures markets on reports of a rise in Vietnam prices on Wednesday. The speculators pushed up the futures while investors sold futures and bought NCDEX delivered.

Vietnam is said to have offered 550 GL at $2,940 a tonne (fob) while 500 GL was offered at $2,750 a tonne (f.o.b). . Spot prices also went up by Rs 400 a quintal on Wednesday on buying support and in tandem with the futures market trend.

April contract on NCDEX went up by Rs 576 a quintal to close at Rs 14,385 from Rs 13,809 on Tuesday. The increase in other contracts was from Rs 597 to Rs 640 a quintal.

On NMCE, April contract moved up by Rs 531 to close at Rs 13,808 from Rs 13,277 a quintal. The increase in other contracts was from Rs 536 to Rs 635 a quintal.

Turnover

The total turnover on NCDEX went up by 60 per cent on Wednesday from that of Tuesday to 46,169 tonnes, the country's estimated production. On NMCE it moved up by 1,065 tonnes to 6,278 tonnes.

The total open interest on NCDEX increased by 760 tonnes to 31,718 tonnes. April position dropped by 229 tonnes to 5,064 tonnes, while May moved up by 107 tonnes to 15,456 tonnes and June by 754 tonnes to 7,929 tonnes.

On NMCE, the total open interest went up by 149 tonnes to 4,695 tonnes. April position was at 335 tonnes, while May was at 2,923 tonnes.

The spot prices shot up by Rs 400 a quintal to close at Rs 13,300 (un-garbled) and Rs 13,900 (MG 1) on Wednesday.

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