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G K Nair

Kochi, Sept. 6 Pepper futures market continued its upward swing on Thursday but much on speculative activities.

The high volatility in the trading gives the impression that the way trading is going on uncontrolled that it is in the hands of manipulators apart from speculators, market observers said. They said that at maturity delivery should be zero and the prices on both futures and spot should converge. But, it does not happen here and delivery is on the higher side while the futures prices remain much below spot often at maturity. “It is not a healthy sign”, they said.

In the international market Vietnam prices moved up on Thursday with 500 GL going up to $3,180 a tonnes (f.o.b.), while 550 GL at $3,310 a tonnes (f.o.b.) and V Asta at $3,580 a tonnes (f.o.b.).

In Brazil prices of B Asta ruled steady at $3,450-3,500 a tonnes (f.o.b.). Lampong Asta eased to $3,550 a tonnes (f.o.b.).

September contract on NCDEX on Thursday moved up by Rs 152 a quintal to Rs 12,858 . The increase in other contracts was from Rs 132 to Rs 378 a quintal.

On NMCE, September contract increased by Rs 173 a quintal to Rs 12,750. The rise in other contracts was from Rs 135 to Rs 271.

The total turnover on NCDEX dropped by 5,372 tonnes to 27,599 tonnes. September and October fell by 11 per cent and 78 per cent respectively.

On NMCE turnover declined by 696 tonnes to 3,518 tonnes.

Total open interest on NCDEX moved up by 640 tonnes to 24,313 tonnes. September position dropped by 22 per cent, while October moved up by 49 per cent.

On NMCE open interest declined by 94 tonnes to 2,210 tonnes. September and October positions dropped by 10 tonnes and 95 tonnes respectively to 477 tonnes and 1,546 tonnes.

Spot prices in tandem with the futures market trend increased by Rs 100 a quintal to close at Rs 12,300 (un-garbled) and Rs 12,900 (MG 1) on Thursday.

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