The Hindu Business Line : Pepper futures bounce back on Vietnam price surge

Kochi April 20 Pepper futures bounced back on Friday on reports of surge in Vietnam pepper prices. Prices had declined on Thursday on rumours but they could not be confirmed from any reliable sources.

Vietnam was said to be offering 500 GL on Friday at $3,300 a tonne (f.o.b). There was reportedly no activity in Brazil due to the American Seed Trade Association convention being held in the US. Activity in the international market, as a result, was very slow, market observers here said.

Investors here were buying NCDEX delivered and around 150 tonnes of pepper was traded almost daily. The warehouses of the exchange are getting filled up, they said.

On NCDEX, April contract moved up by Rs 113 a quintal to Rs 14,872 on Friday. The increase in other contracts was from Rs 179 to Rs 272 a quintal.

On NMCE, April contract went up by Rs 191 a quintal to Rs 14,740. The rise in other contracts, except October, was from Rs 160 to 467 a quintal. October contract showed a decline of Rs 10 a quintal.

Turnover

The total turnover on NCDEX fell by 4,461 tonnes to 37,380 tonnes while on NMCE, it declined by 653 tonnes to 5,114 tonnes.

The total open interest on NCDEX dropped by 1,198 tonnes to 33,954 tonnes. Selling pressure in the spot declined. Domestic buying also slowed down. Spot prices moved up by Rs 200 a quintal on Friday to Rs 14,400 (un-garbled) and Rs 15,000 (MG 1).