The Hindu Business Line : Centre's pledge helps pepper futures rebound

Kochi June 18 Pepper futures bounced back on Monday on reports that the Union Consumer Affairs Ministry has assured the jeera and pepper trade that it would look into their demands at a high-level meeting convened by it with Forward Markets Commission officials and Product Committee members in New Delhi.

The speculative cartels of the bear lobby, which is manipulating the market through intra-day trade involving hundreds of tonnes of pepper, do not seem to allow the investors and exporters to enter the market in a big way and use the hedging facility, market observers here told Business Line.

"This facility has been keeping the Indian pepper competitive in the international market," they claimed.

Everybody in the world market is watching the volatility in the Indian futures market. Vietnam was slightly lower for FAQ 500 GL at $3,250-$3,270 a tonne (f.o.b) while 550 GL at $3,500 tonne (f.o.b). Indian parity for MG 1 was at $3,750-$3,800 a tonne (c&f). A strong rupee against dollar on Monday also influenced the price.

Futures up

June contract on NCDEX on Monday shot up by Rs 377 a quintal to close at Rs 13,695 from Rs 13,318 last Saturday. The increase in other contracts was from Rs 442 to Rs 563 a quintal.

On NMCE, July contract went up by Rs 383 a quintal to close at Rs 13,800 from Rs 13,417 at close last weekend. The rise in other contracts was from Rs 320 to Rs 576 a quintal.

Total turnover on NCDEX also shot up by 15,868 tonnes to 24,533 tonnes on Monday while on NMCE it increased by 1,620 tonnes to 2,283 tonnes.

Total open interest on NCDEX dropped by 199 tonnes to 23,346 tonnes. June and July positions fell by 608 tonnes and 819 tonnes respectively to 2,309 tonnes and 9,331 tonnes. However, August position increased by 1,137 tonnes to 8,531 tonnes.

On NMCE, total open interest moved up by 62 tonnes to 2,367 tonnes. July position declined by14 tonnes to 1,647 tonnes.

Spot prices ruled in tandem with the futures prices moved up by Rs 200 a quintal to close at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) on Monday.

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Centre's pledge helps pepper futures rebound