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G.K. Nair

Kochi May 2 Pepper futures shot up on Wednesday on tight supply position in Vietnam and consequent sharp rise in prices there.

Vietnam was offering FAQ 500 GL at $3,900 (f.o.b.) while 550 GL at $4,000 and 570 GL at $4,350 a tonne (f.o.b.).

In tandem with this trend Indonesia was quoting Lampung Asta at $4,135 a tonne (c&f). Brazil said to have quoted May/Jun Asta at $3,700-$3,900 a tonne (f.o.b.).

Given this scenario, lot of buying interest was seen from West Asia and Europe. Meanwhile, Vietnam exporters are said to have defaulted March/April shipments saying that the material was not available. Overseas buyers are upset now after waiting for long for the prices to drop and using their pipeline stock, which is also said to have exhausted.

The Indian parity on Tuesday was at $4,150 a tonne (c&f). White pepper prices have also shot up in the international market. China was offering at $5,150 a tonne (c&f), while Indonesia at $4,950 - $5,000 a tonne (c&f).

May contract shoots up

May contract on NCDEX shot up by Rs 671 a quintal to close on Wednesday at Rs 15,940 from Rs 15,269 on Tuesday. On NMCE, May contract went up by Rs 708 a quintal to close at Rs 15,420 from Rs 14,712. Spot prices also shot up by Rs 500 a quintal on Wednesday to close at Rs 14,500 (un-garbled) and Rs 15,100 (MG 1).

The total turnover on NCDEX shot up by 21,528 tonnes to 54,846 tonnes while on NMCE, it moved up by 1,239 tonnes to 4,591 tonnes.

The total open interest on NCDEX moved up by 200 tonnes to 29,109 tonnes. May position fell by 1,023 tonnes to 8,020 tonnes. June and July positions have increased by 743 tonnes and 320 tonnes respectively to 14,308 tonnes and 3,104 tonnes.

On NMCE, total open interest declined by 16 tonnes to 4,185 tonnes. May position stood at 1,985 tonnes on Wednesday while June at 1,705 tonnes.

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