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G K Nair

Kochi, Sept. 20 Pepper futures improved at close after declining in the morning on liquidation by some of the players.

Some of the brokers said to have asked their clients to reduce their October position as it will be the first month from Friday.

Some brokers liquidated and switched over to November.

There have been no arrivals at the terminal market for the past two months.

Turnover volume in the exchanges cannot be taken as the stocks available in the country, market sources told Business Line.

Wrong impression is given to the overseas buyers that huge stocks are available in India and as a result the overseas buyers are hoping that the prices here would crash soon.

The net open position indicates of switching over to distance positions, they said.

Strong rupee on Thursday has also contributed to push up the Indian parity which was at $3,450-3,500 a tonnes (f.o.b.).

In the international market prices at all the origins remained steady at previous levels.

September contract on NCDEX declined by Rs 60 a quintal on Thursday to Rs 12,000.

All other contracts moved up by Rs 30 to Rs 136 a quintal.

On NMCE, October contract increased by Rs 135 a quintal to Rs 12,160.

November and December contracts moved up by Rs 142 and Rs 93 a quintal respectively.

January, February and March dropped by Rs 100, Rs 159 and Rs 13 a quintal respectively.

Total turnover on NCDEX increased by 1,216 tonnes to 17,889 tonnes.

September turnover increased by 8 per cent, while October dropped by 58 per cent.

On NMCE total turnover dropped by 425 tonnes to 1,131 tonnes, while October turnover dropped by 454 tonnes.

Total open interest on NCDEX fell by 1,430 tonnes to 20,949 tonnes.

September and October positions dropped by 8 per cent and 43 per cent respectively, while November increased by 31 per cent.

On NMCE total turnover increased by 170 tonnes to 1,846 tonnes.

October position moved up by 75 tonnes to 1,192 tonnes.

Spot prices ruled steady at previous levels on Thursday at Rs 11,800 (un-garbled) and Rs 12,400 a tonnes (MG 1).

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