The Hindu Business Line : Europe enquiries prop up pepper futures

Enquiries from European markets on resumption after holidays coupled with the absence of sellers for spot pepper at the current levels contributed to the upward swing. Some more activities are expected in the coming days.

Strengthening of rupee against dollar has pushed the Indian parity upward to $3,600-3,650 a tonne (c&f). Still it is competitive, market sources told Business Line.

In Brazil, B ASTA was traded at 3,400, B1 at $3,350 Thursday and on Friday it bounced back to $3,550 and $3,450-3,500 respectively.

Vietnam was offering FAQ 500 GL at $3,170 and 550 GL at $3,300 a tonne (f.o.b.), while V Asta at $3,580 a tonne (f.o.b.).

CONTRACT POSITION

August contract on NCDEX moved up on Monday by Rs 102 a quintal to Rs 13,050. September and October went up by Rs 50 and Rs 6 respectively a quintal, while October, December, January and February fell by Rs 15, Rs 93, Rs 42 and Rs 77 a quintal.

On NMCE September contract increased by Rs 109 a quintal to Rs 12,975. Other contracts except October increased by Rs 265, Rs 241 and Rs 35 a quintal respectively. October contract declined by Rs 7 a quintal.

Total turnover on NCDEX increased by 9,105 tonnes to 21,332 tonnes, while that for August, September and October went up by 7 per cent, 56 per cent and 34 per cent respectively. On NMCE, total turnover increased by 684 tonnes to 1,534 tonnes.

Spot prices ruled steady at previous levels on Monday at Rs 12,700 (un-garbled) and Rs 13,300 (MG 1).

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