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G K Nair

Kochi, Oct. 5 Pepper futures market after declining on Thursday moved up on Friday on good buying support.

There is good buying interest from European dealers and some business has also taken place.

Besides, some enquiries were floating for November, December and January.

Futures market trend shows a step by step increase in the distant positions than in the nearby month, market sources said.

In the international market the Indian parity is at par with that of Brazil, while other origins were ruling above it.

Indian parity on Friday was at $3,400 a tonne (c&f) while Lampong Asta was at $3,500 a tonne (c&f) and Vietnam was also offering at this level.

Brazil was offering Asta grade at $3,350-3,400 a tonne (c&f).

Thus Indian parity remained competitive in the world market. There is a reported squeeze in the physical availability also.

These factors seem to have compelled the overseas buyers to turn towards India, market sources told Business Line.

October contract on NCDEX moved up by Rs 101 a quintal on Friday to close at Rs 12,335 from Rs 12,234 on Thursday. The increase in other contracts was from Rs 136 to Rs 220 a quintal.

On NMCE October contract increased by Rs 112 a quintal to close at Rs 12,300 from Rs 12,188.

The rise in other contracts was from Rs 122 to Rs 193 a quintal.

Total turnover on NCDEX dropped by 2,443 tonne to 14,642 tonne while that for October and November fell by 11 per cent and 66 per cent respectively.

December turnover increased by 17 per cent.

On NMCE total turnover declined by 724 tonne to 1,042 tonne. October turnover fell by 401 tonne to 148 tonne.

Total open interest on NCDEX moved up by 456 tonne to 20,191 tonne. October and November position declined by 32 per cent while November and December positions increased by 39 per cent and 19 per cent respectively.

On NMCE total open interest declined by 31 tonne to 2,009 tonne.

October position declined by 59 tonne to 953 tonne.

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

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