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G.K. Nair

Kochi, Nov 4 The pepper futures market during the week witnessed sharp fall in prices on bearish activities.

Numerous buy and sell calls led to high volatility in the market, pushing the prices up and down, which has helped to push up the turnover.

Prices in the futures market fell sharply from Rs 813 to Rs 1,354 a quintal. Total turnover during the week on NCDEX increased by 8,634 tonnes to 1,48,647 tonnes. On NMCE, the total turnover went up by 1,013 tonnes to 19,801 tonnes.

Total open interest during the week on NCDEX declined by 211 tonnes to 21,737 tonnes. November position fell by 1,270 tonnes to 3,441 tonnes, while December and January moved up by 457 tonnes and 439 tonnes respectively to 13,381 tonnes and 3,139 tonnes.

On NMCE, total open interest dropped by 335 tonnes to 2,098 tonnes. Spot prices in tandem with the futures market trend fell by Rs 500 a quintal during the week to Rs 13,800 (un-garbled) and Rs 14,400 (MG 1).

Investors were seen withdrawing from the market due to the uncertainty.

To add to this, a strong rupee and reduction in DEPB rates were pointed out as an impediment to the small and medium players in participating in the trade.

Above all, the Indian pepper remained out priced. Exporters committed for December at $3,950 a tonne (c&f) were covering.

Indian parity at Saturday’s close was at $3,975 - $4,000 a tonne (c&f). No fresh offers were coming at the current levels.

Indonesia and Brazil were reportedly competing. The former was offering L Asta at $3,700 a tonne (c&f), while Brazil has brought down its B Asta prices from $3,600 a tonne (c&f) to $3,475 a tonne (c&f).

Overseas buyers were interested in January-June or April-June shipments at lower levels. But, Indonesian sellers were reportedly interested in selling only nearby positions rather than distant positions.

More Stories on : Spices & Condiments | Commodity Markets

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