The Hindu Business Line : Buying support props up pepper futures

Unconfirmed reports from Vietnam said it had reduced the price of Asta grade to $3,800 a tonne (f.o.b). Indian parity on Tuesday was at $4,050 a tonne (c&f) and still claims to be competitive.

CONTRACT POSITION

August contract on NCDEX moved up by Rs 162 a quintal on Tuesday to Rs 14,996. The increase in other contracts was from Rs 226 to Rs 283 a quintal.

On NMCE, August contract increased by Rs 107 a quintal to Rs 14,624. The rise in other contracts was from Rs 100 to Rs 140 a quintal.

Turnover up

The total turnover on NCDEX increased by 2,440 tonnes to 18,893 tonnes, while on NMCE it declined by 270 tonnes to 1,127 tonnes.

The total open interest on NCDEX moved up by 684 tonnes to 25,569 tonnes. Aug position fell by 188 tonnes to 8,111 tonnes, while Sep moved up by 961 tonnes to 12,193 tonnes. However, Oct declined by 164 tonnes to 3,106 tonnes.

On NMCE, total open interest declined by 64 tonnes to 2,367 tonnes, while Aug by 66 tonnes to 1,492 tonnes.

Spot prices in tandem with the upward trend in futures market and the buying support moved up by Rs100 a quintal to close on Tuesday at Rs14,100 (un-garbled) and Rs14,700 (MG 1).

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