The Hindu Business Line : Bears hammer pepper futures down again

The market is working against the fundamentals and has become a gamblers’ den, market observers told Business Line. When all the other origins were steady to firm, prices here were falling, they said.

The supply position in fact continued to remain tight. Offtake was also limitedVietnam prices for V Asta remained unchanged at $3,500 a tonne (f.o.b.) but there were no sellers. Brazil has quoted B Asta at $3,350 (f.o.b.). Indian parity was also at $3,350 a tonne (f.o.b.), while Lampong Asta was at $3,400 a tonne (f.o.b.).

CONTRACT POSITION

All the contracts on NCDEX except January and all on NMCE fell on Tuesday.

October contract on NCDEX dropped by Rs 243 to Rs 12,086. The drop in other contracts except January was from Rs 184 to Rs 281 a quintal.

On NMCE October contract fell by Rs 331 to Rs 11,960. The fall in others was from Rs 169 to Rs 366 a quintal.

Total turnover on NCDEX increased by 2,489 tonnes to 13,032 tonnes, while that for October and November rose by 29 per cent and 64 per cent respectively.

On NMCE total turn over declined by 88 tonne to 1,002 tonnes.

Total open interest on NMCE moved up by 144 tonnes to 19,446 tonnes. Oct position dropped by 41 per cent, while November moved up by 38 per cent.

On NMCE, total open interest went up by 14 per cent to 1,849 tonnes.

Spot prices ruled steady at Rs 11,900 (un-garbled) and Rs 12,500 (MG 1) a quintal on Tuesday.

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