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G.K. Nair

Kochi May 9 After declining continuously over the past few days, pepper futures moved up on Wednesday on overseas buying support. Bull operators holding long positions in May have switched over to June.

Some exporters have sold to the US at $3,975 a tonne (c&f) while about 500 tonnes of MG 1 was also sold at $4,025 a tonne (c&f).

Vietnam prices were at FAQ 500 GL at $3,750 a tonne (f.o.b) and 550 GL at $3,900 a tonne (f.o.b). Meanwhile, Indonesian parity continued to rule high due to strong rupiah against dollar at $4,300-4,400 a tonne (f.o.b) for Lampung Asta.

Brazil has also shown some decline. B Asta was quoted at $3,900 (f.o.b), while G1was at $3,850-3,900 a tonne (f.o.b).

It appears that the only origin offering Asta grade pepper at competitive prices is India, market sources told Business Line. As a result, buying interest has turned towards the country, they claimed. May contract on NCDEX moved up by Rs 144 a quintal on Wednesday to close at Rs 14,990 from Rs 14,846 on Tuesday. The increase in other contracts was from Rs 81 to Rs 166 a quintal.

On NMCE, May contract increased by Rs 383 a quintal to close at Rs 14,730 from Rs 14,347. The increase in other contracts except September was from Rs 92 to Rs 360 a quintal. September contract declined by Rs 97 a quintal to Rs 16,060. Spot prices ruled steady at previous levels of Rs 14,100 (un-garbled) and Rs 14,700 (MG 1) a quintal on Wednesday.

The total turnover on NCDEX dropped by 1,516 tonnes to 42,602 tonnes, while on NMCE it moved up by 522 tonnes to 4,670 tonnes.

The total open interest on NCDEX fell by 982 tonnes to 29,493 tonnes. May and June positions dropped by 487 tonnes and 452 tonnes respectively to 4,685 tonnes and 18,031 tonnes. July declined by 12 tonnes to 3,435 tonnes.

On NMCE total open interest moved up by 228 tonnes to 4,801 tonnes. May position stood at 1,901 tonnes, up by 32 tonnes, while June moved up by 196 tonnes to 2,351 tonnes.

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