The Hindu Business Line : Jeera, pepper open limit raised

Mumbai, July 23 National Commodities and Derivatives Exchange of India (NCDEX) and Multi Commodity Exchange of India (MCX) have increased the open position limit of jeera and pepper futures contract from Monday.

The open interest for jeera has been increased from 120 tonnes to 200 tonnes for members and for clients, it has gone up from 40 tonnes to 70 tonnes. For pepper, it has been raised from 300 tonnes to 500 tonnes for members and from 100 tonnes to 170 tonnes for clients. Members of Jeera Product Committee of NCDEX had demanded that the open interest position be revised to encourage participation of wholesalers and small traders.

Trade curbed

The committee members argued that restrictive position limits resulted in lower deliveries thereby leaving the market exposed to price volatility.

Though short-term dynamics for both the commodities seem to be bearish in absence of any major demand, prices appreciated on NCDEX on Friday. In the long-term prices are set to rise as the production this year expected to fall.

Jeera for August delivery on NCDEX gained Rs 10 per tonne to Rs 12,519 and the September contract was up by Rs 36 per tonne to Rs 12,710.

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