The Hindu Business Line : Volatility continues in pepper futures

Kochi, Sept. 28 Pepper futures continued to fall on Friday on speculation in the market despite lack of sellers. All the contracts dropped by Rs 168 to Rs 342 a quintal on the exchanges. There was said to be panic among the investors who were holding expired stocks. However, everybody was buying from them as it was the only source available. For the past one week there were no orders from overseas. The buyers seem to have withdrawn, they said. All the other origins in the world market continued to remain steady to firm.

Meanwhile, an overseas report said that the continuous volatility and fall in the Indian futures market without any reason or change in the fundamentals of the international market would only bring losses to the entire market “because nobody believes in the exchanges any longer” and it was causing damages to everyone in the world of the pepper market.

Brazil was offering Asta grade at $3,250 a tonne (f.o.b.), while Vietnam Asta 570 GL was quoted at $3,600 a tonne (f.o.b.).

CONTRACT POSITION

October contract on NCDEX fell by Rs 176 a quintal on Friday to Rs 11,795The drop in other contracts was from Rs 179 to Rs 342 a quintal.

On NMCE, October dropped by Rs 168 a quintal to close at Rs 11,710. Other contracts dropped by Rs 183 to Rs 250 a quintal.

Total turnover on NCDEX moved up by 858 tonnes to 13,842 tonnes, while that of October and November increased by 23 per cent and 66 per cent respectively.

Spot prices in tandem with the futures market trend dropped by Rs 100 a quintal on Friday to close at Rs 11,700 (un-garbled) and Rs 12,300 (MG 1).

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