The Hindu Business Line : Pepper futures decline on fall in Vietnam prices

Kochi June 6 Pepper futures market fell on Wednesday on reports of fall in Vietnam prices and the prevailing uncertainty over the restrictions on nearby positions.

The market was highly volatile. About 50 tonnes of spot pepper was traded.

Reports that the FMC would make changes to the revised quantitative restrictions on nearby position have also influenced the market.

Vietnam was offering 500 GL at 3,400 - 3,475 a tonne (f.o.b.).

Brazil was offering B Asta June/July at $3,750 and $3,900 a tonne (f.o.b.) while B 1 at $3,650-3,700 a tonne (f.o.b.). Indonesia with interest to sell forward position was not aggressive.

FUTURES DOWN

June contract on NCDEX fell by Rs 160 a quintal on Wednesday to Rs 13,946. The drop in other contracts was Rs 91-236 a quintal.

On NMCE, June contract dropped by Rs 225 a quintal to Rs 13,475 quintal. The fall in other contracts was from Rs 70 to Rs 217 a quintal.

The total turnover on NCDEX increased by 1,941 tonnes to 27,513 tonnes, while on NMCE it moved up by 307 tonnes to 2,428 tonnes.

The total open interest on NCDEX went up by 96 tonnes to 27,139 tonnes. June position fell by 451 tonnes to 8,694 tonnes. July and August positions increased by 418 tonnes and 130 tonnes respectively to 11,917 tonnes and 4,596 tonnes.

On NMCE, total open interest moved up by 17 tonnes to 3,559 tonnes, while June dropped by 45 tonnes to 2,484 tonnes.

Spot prices in tandem with the futures market trend fell by Rs 100 a quintal on Wednesday to close at Rs 13,700 (un-garbled) and Rs 14,300 (MG 1).

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