The Hindu Business Line : Pepper futures fall on bearish activities

Vietnam was, in fact, reportedly easier by $25 a tonne. However, the market was overexcited and hence some correction was needed, market observers told Business Line. Some of the investors who had already covered good quantity slowed down while some others were active.

They said that there has, of late, been a tug of war between the bull and bear speculators, and it is reflected on the market with high fluctuations.

Global market

In the international market B Asta was quoted at $3,435 a tonne (fob) while Vietnam Asta at $3,800-$3,900 a tonne (fob). Indonesia was offering Lampung Asta at $3,900 a tonne (fob). Some business said to have taken place in Indonesia at $3,600-$3,700 a tonne (fob).

Indian parity is at $3,900-$3,950 a tonne (c&f).

April contract on NCDEX fell by Rs 442 a quintal on Friday. The drop in other contracts was from Rs 330 to Rs 394 a quintal.

On NMCE, April contract dropped by Rs 509 a quintal to close at Rs 14,800. The fall was from Rs 399 to Rs 594 a quintal.

The total turnover fell by 18,084 tonnes to 63,462 tonnes on NCDEX on Friday while on NMCE it dropped by 4,770 tonnes to 8,373 tonnes.

The total open interest on NCDEX moved up by 3,618 tonnes to 36,912 tonnes. April position fell by 163 tonnes to 1,872 tonnes as the contract is nearing maturity. Where as, May position shot up by 2,583 tonnes to 19,928 tonnes and June 1,100 tonnes to 10,497 tonnes.

On NMCE, total open interest declined by 168 tonnes to 4,839 tonnes. April position was at 262 tonnes on Friday while May at 3,022 tonnes. Spot prices also in tandem with the futures trend fell by Rs 300 a quintal to close at Rs 14,500 (un-garbled) and Rs 15,100 (MG 1) on Friday.