The Hindu Business Line : Uptrend continues in pepper futures

A tight supply position prevails in the world market and as a result Vietnam prices also said to have moved up by $50-100 a tonne. FAQ 500 GL was being offered at $3,425 a tonne (f.o.b.). Brazil remained at previous levels while exporters were not interested to offer the new crop. L Asta was quoted at $3,850-3,900 a tonne (f.o.b.). Thus, Indian pepper continued to remain competitive in the world market. Investors who were on the sidelines for sometime have started showing interest in buying NCDEX delivered pepper, market sources told Business Line. The arrivals continued to be very thin limiting the availability only to the stocks held in exchanges.

FUTURES MOVE UP

June contract on NCDEX moved up by Rs 165 a quintal on Friday to close at Rs 14,561 from Rs 14,396 on Thursday. The increase in other contracts was from Rs 206 to Rs 441 a quintal.

On NMCE, June contract increased by Rs 260 a quintal to close at Rs 14,311 from Rs 14,051 tonnes. The rise in other contracts was from Rs 232 to Rs 304 a quintal.

Total turn over on NCDEX increased by 8,000 tonnes to 27,399 tonnes while on NMCE it moved up by 546 tonnes to 2,346 tonnes.

Total open interest on NCDEX went up by 241 tonnes to 23,180 tonnes. July position dropped by 725 tonnes to 6,700 tonnes while Aug increased by 681 tonnes to 12,803 tonnes.

On NMCE open interest moved up by 155 tonnes to 2,736 tonnes while July position increased by 135 tonnes to 1,793 tonnes.

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