The Hindu Business Line : Pepper futures decline

However, the market was busy with hectic activity as investors were covering good quantity while processors were buying spot. Good quantity was sold at Rs 138-146 a kg.

Investor players were buying NCDEX delivered spot and selling September delivery in NCDEX, while others were buying farm grade pepper and selling September.

India was not competing in selling 500 GL pepper, which was being sold by Vietnam. India was offering only 550 GL and 560 GL MG1 and the Indian parity was at $3,900-3,950 a tonne (c&f), market sources told Business Line.

Vietnam was offering V Asta at $4,160 a tonne (f.o.b), while Brazil has quoted 560 GL at $3,650 a tonne (fob).

FUTURES DECLINE

July contract on NCDEX declined by Rs 165 a quintal on Tuesday to Rs 14,970. The increase in other contracts was from Rs 179 to Rs 221 a quintal.

On NMCE, July contract fell by Rs 206 a quintal to Rs 14,770. The drop in other contracts except December was from Rs 30 to Rs 135 a quintal. December moved up by Rs 239 a quintal to Rs 16,100.

Turnover down

Total turnover on NCDEX dropped by 5,275 tonnes to 22,946 tonnes, while on NMCE it moved up by 64 tonnes to 2,366 tonnes.

Total open interest on NCDEX increased by 430 tonnes to 24,285 tonnes, while July position dropped by 285 tonnes to 5,449 tonnes. The August position increased by 413 tonnes to 14,024 tonnes.

Spot prices

Spot prices ruled steady at previous levels of Rs 14,100 (un-garbled) and Rs 14,700 (MG 1) a quintal on Tuesday.