• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

G.K. Nair

Kochi June 8 Pepper futures market declined on Friday due to the uncertainty over the quantity restrictions on nearby position.

The revised quantity restriction would come into force from July 16 and hence there was panic in the market on July/August/September positions.

Weakening of the rupee on Friday has made the Indian prices competitive.

The exporters were buying futures and exporting. However, they were not venturing to cover for future contracts because of the restrictions. Buyers and sellers were liquidating their positions.

In fact "a wrong scenario has emerged giving wrong signals to overseas markets", market observers told Business Line. FUTURES DOWN

The June contract on NCDEX declined by Rs 15 on Friday to close at Rs 13,969 from Rs 13,984 on Thursday. The fall in other contracts was from Rs 184 to Rs 240 a quintal.

On NMCE, June contract dropped Rs 139 a quintal to Rs 13,434. The fall in other contracts except August was from Rs 47 to Rs 169 a quintal. August moved up by Rs 74 a quintal.

The total turnover on NCDEX increased by 461 tonnes to 19,259 tonnes, while on NMCE it fell by 143 tonnes to 1,420 tonnes.

The total open interest on NCDEX dropped by 736 tonnes to 26,815 tonnes. June position fell by 518 tonnes to 7,860 tonnes, while July fell by 406 tonnes to 11,980 tonnes. However, August improved by 69 tonnes to 4,885 tonnes.

On NMCE,. the total open interest increased by 100 tonnes to 3,733 tonnes. June position went up by 70 tonnes to 2,585 tonnes.

There were no spot sellers. Spot prices in tandem with the downward trend in the futures fell by Rs 100 a quintal on Friday to close at Rs 13,600 (un-garbled) and Rs 14,200 (MG 1).

More Stories on : Spices & Condiments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Monsoon reaches N-E, picking strength

Copyright © 2007, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line