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G. K. Nair

Kochi May 31 Pepper futures turned hot on Thursday with substantial rise in prices on good buying support.

The US is said to have shown interest in buying Indian pepper. Exporters were buying from exchanges for shipping out. Add to this the rupee weakened against the dollar. Those who were not buying have now started covering, market observers told Business Line.

All the other origins were firm. Vietnam said to have moved up. FAQ 500 GL was offered at $3,750 a tonne (f.o.b) while V Asta at $4,050 a tonne (f.o.b). Indonesia and Brazil ruled steady at previous levels of $3,900-3,950 a tonne (f.o.b). Indian parity has gone up on Thursday to $3,950 - 4,000 a tonne (c&f).

June contract on NCDEX shot up by Rs 437 a quintal to y Rs 14,081. The increase in other contracts was from Rs 247 a quintal to Rs 456.

On NMCE, June contract increased by Rs 428 a quintal to Rs 13,747. The other contracts went up by Rs 287 to Rs 445 a quintal.

Turnover rises

The total turnover on NCDEX moved up by 2,367 tonnes to 21,002 tonnes, while on NMCE it declined by 291 tonnes to 1,670 tonnes.

Spot prices in tandem with the futures market trend increased by Rs 200 a quintal to 13,700 (un-garbled) and Rs 14,300 (MG 1) on Thursday.

The total open interest on NCDEX increased by 408 tonnes to 25,514 tonnes. June position fell by 548 tonnes to 10,591 tonnes. July and Aug moved up by 244 tonnes and 719 tonnes respectively to 9,499 tonnes and 3,625 tonnes.

On NMCE, the total open interest moved up by 77 tonnes to 3,481 tonnes. June position improved by 61 tonnes to 2,535 tonnes.

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