The Hindu Business Line : Pepper futures move up on bullish activities

Kochi, June 28 Pepper futures market moved up on Thursday on bullish activities following buying interest shown by exporters and domestic players to buy spot.

Exporters and domestic players are said to have bought 50-60 tonnes of the commodity at Rs 140-Rs 145 a kg depending upon the quality of the produce. This trend is said to have prompted the bulls to push up the market in the afternoon trading.

The prices moved up on the internal strength and it is still the competitive source with about 14,000 tonnes of certified pepper available with the exchanges. An equal quantity is estimated to be held by others also, market sources told Business Line.

Vietnam, which strictly monitors the Indian futures market, reduced its prices following the decline in the futures market here on Wednesday. However, Brazil and Indonesia were holding to their earlier positions.

Contracts position

July contract on NCDEX increased by Rs 239 a quintal on Thursday to close at Rs 15,215 from Rs 14,976 on Wednesday. The rise in other contracts was from Rs 92 to Rs 265 a quintal. On NMCE, July contract moved up by Rs 311 a quintal to close at Rs 14,932 from Rs 14,621. The increase in other contracts was from Rs 135 to Rs 362 a quintal.

The total turnover on NCDEX increased by 10,993 tonnes on Thursday to 25,949 tonnes from 14,956 tonnes. On NMCE, it moved up by 487 tonnes to 1,854 tonnes from 1,367 tonnes.

The total open interest on NCDEX went up by 815 tonnes to 24,602 tonnes while July position dropped by 333 tonnes to 4,815 tonnes. August position increased by 850 tonnes to 14,720 tonnes from 13,870 tonnes.

On NMCE, total open interest moved up by 23 tonnes to 2,776 tonnes from 2,753 tonnes. July position increased by 49 tonnes to 1,775 tonnes. Spot prices in tandem with the futures market trend and buying support moved up by Rs100 a quintal on Thursday to close at Rs 14,200 (un-garbled) and Rs 14,800 (MG 1).

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