The Hindu Business Line : Pepper futures continue to rule hot

Given this upward trend, speculators were pushing up the prices in the futures market, market observers told Business Line. Spot prices also increased by Rs 600 a quintal despite a slow down in the domestic buying because of the rise in prices. However, stockists were active and aggressive, they said.

Vietnam prices for 550 GL on Monday said to have crossed to Rs 3,000 a tonne (fob). The upward trend might encourage the sellers to hold back and that might squeeze the supply.

April contract on NCDEX shot up to Rs 16,135 a quintal on Monday from last weekend close of Rs 15,223. The rise in other contracts was from Rs 935 to Rs 1,002 a quintal.

Turnover up

On NMCE, April contract went up to Rs 15,300 a quintal from Rs 14,552. The increase in other contracts was from Rs 902 to Rs 963 a quintal. The total turnover on NCDEX increased by 34,053 tonnes to 78,149 tonnes, while on NMCE it went up by 5,857 tonnes to 13,537 tonnes.

Open interest

The total open interest on NCDEX moved up by 737 tonnes to 32,441 tonnes. However, April position dropped by 364 tonnes to 3,438 tonnes. May and June positions went up by 187 tonnes and 244 tonnes, respectively, to 15,639 and 9,329 tonnes.

On NMCE, the total open interest moved up by 128 tonnes to 4,994 tonnes. April position on Monday was at 344 tonnes while May went up by 81 tonnes to 3,133 tonne.

Spot prices

The spot prices in tandem with the upward swing in futures market shot up by Rs 600 a quintal on Monday to close at Rs14,500 (un-garbled) and 15,100 (MG 1).

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