The Hindu Business Line : Pepper futures cool down under bear effect

Various investors are said to have traded 100 tonnes of NCDEX-delivered pepper at different rates. They were covering their sales against delivered pepper. Sellers of un-garbled pepper were also activate.

In the international market dealers began buying whatever was available from Brazil, Indonesia and Vietnam.

Brazil was offering Asta April/May at $3,300-3,400 (f.o.b.) Belem and B1 560 GL April/May at $3,200-3,300 a tonne (f.o.b.).

Lampung Asta was reportedly traded at $3,750-3,800 (c&f) New York. Vietnam was offering 500 GL on Tuesday at $3,130 (f.o.b.). Indian parity is at $3,800-3,900 a tonne (c&f). The international buyers were covering to meet their time-bound delivery. The supply situation continues to be tight, they told Business Line.

Domestic market was steady as the buyers have, of late, taken a wait-and-watch approach given the rise in prices.

Futures Market drops

April contract on NCDEX dropped by Rs 456 a quintal to close at Rs 15,590 on Tuesday from Rs 16,046 on Monday. The fall in other contracts was from Rs 416 to Rs 526 a quintal.

On NMCE April contract fell by Rs 493 a quintal to Rs 14,790 from Rs 15,263. The drop in other contracts was from Rs 592 to Rs 778 a quintal.

The total turnover shot up by 21,366 tonnes to 99,515 tonnes on NCDEX while on NMCE it moved up by 1,142 tonnes to 14,679 tonnes.

On NMCE total open interest declined by 4 tonnes to 4,990 tonnes. April position was at 350 tonnes and May at 3,130 tonnes.

The spot prices ruled steady at previous levels of Rs 14,500 (un-garbled) and Rs 15,100 (MG 1) a quintal on Tuesday.

The total open interest on NCDEX went up by 1,501 tonnes to 33,942 tonnes. April position dropped by 416 tonnes to 3,022 tonnes while May and June moved up by 1,251 tonnes and 363 tonnes respectively to 16,890 tonnes and 9,692 tonnes.

More Stories on : Spices & Condiments | Commodity Markets

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Contract based on proposed merger of CBOT launched

Task force on GM rice meets today

AP to grow more flood-resistant rice

Weakened `low' may still bring rain over South

Positive outlook

Spot rubber drops as traders pare stocks

S. India tea output hit by drought

Cabinet may consider duty cut for edible oil imports

Pepper futures cool down under bear effect

Chana futures drop on profit taking

iLabs picks 50% stake in Viswas Business

Get co-op reforms going, Nabard tells Kerala Govt