The Hindu Business Line : Pepper futures drop on fall in stock market

Kochi, Aug. 9 Pepper futures market, which moved up by Rs 250 a quintal in the morning session, on Thursday fell by over Rs 150 a quintal at the day’s closing on the downward trend in the stock market following the reported crash in the European share market.

There were no spot sellers. However, some business has taken place between selected Indian sellers and some US buyers. They were said to be ready to buy from these Indian exporters even at a price slightly higher than what was quoted by those who were offering at lower rates of late, market sources told Business Line.

Exporters were trying to cover from exchanges where ever the material is available at low prices.

CONTRACT POSITION

August contract on NCDEX fell by Rs 165 a quintal on Thursday to close at Rs 12,716 from Rs 12,881 on Wednesday. The fall in other contracts was from Rs 89 to Rs 179 a quintal.

On NMCE August contract dropped by Rs 77 a quintal to close at Rs 12,695 from Rs 12,772. The fall in other contracts except December and January was from Rs 112 to Rs 139 a quintal. December and January moved up by Rs 230 and Rs 267 a quintal respectively.

Total turnover on NCDEX increased by 1,472 tonnes to 27,905 tonnes while on NMCE it declined by 286 tonnes to 1,532 tonnes.

Total open interest on NCDEX went up by 428 tonnes to 25,915 tonnes. August position dropped by 120 tonnes to 5,050 tonnes. September and October positions moved up by 144 tonnes and 234 tonnes respectively to 12,956 tonnes and 5,174 tonnes. On NMCE total open interest declined by 6 tonnes to 2,411 tonnes. August position fell by 135 tonnes to 756 tonnes.

Spot prices ruled steady at previous level of Rs 12,900 (un-garbled) and Rs 13,500 (MG 1) a quintal on Thursday.