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G.K. Nair

Kochi May 3 Pepper futures market on Thursday ruled steady to slightly easier which is seen as a correction. All the other origins also appear to be stabilising at the current levels and hence some amount of trade is expected to take place in the coming days, market observers here told Business Line.

Indian parity is MG 1 at $4,000 a tonne (c&f) while Asta grade at $4,100 a tonne (c&f). Brazil and Indonesia are in line with India. Vietnam was offering 550 GL at $4,000 a tonne (fob). Thus, Indian pepper is at competitive levels. There is a momentum in the market, they said.

Futures market decline

May contract on NCDEX dropped by Rs 345 a quintal to close at Rs 15,583 on Thursday from Rs 19,928 on Wednesday. The decline in other contracts was from Rs 359 to Rs 410 a quintal. On NMCE May contract fell by Rs 420 a quintal to close at Rs 15,007 from Rs 15,427. The fall in other contracts except July and September was from Rs 76 to Rs 433 a quintal. July and September moved up by Rs 4 and Rs 102 respectively.

The total turnover on NCDEX increased by 4,259 tonnes to 59,105 tonnes, while on NMCE it went up by 1,662 tonnes to 6,253 tonnes. The total open interest on NCDEX moved up by 91 tonnes to 29,200 tonnes. May position declined by 592 tonnes to 7,428 tonnes. In tandem with the trend in the futures market spot prices dropped by Rs 200 a quintal to close at Rs 14,300 (un-garbled) and Rs 14,900 (MG 1) on Thursday.

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