The Hindu Business Line : Bulls help pepper rebound

Kochi, Nov. 12 Pepper futures recovered on Monday on bullish activities. There were no buying activities. Since the market had dropped during the past few days on speculation, it had moved up without any fundamental reason, market observers told Business Line.

Indian parity with the increase on Tuesday moved up to $3,900 a tonne (c&f).

Buyers in the US and European Union were said to be waiting the watching the market which was showing high volatility, they said.

. Average Brazilian prices came down to $3,400 a tonne (fob) despite the Brazilian currency gaining strength.

Vietnam was reportedly quoting $3,360 a tonne (fob) for FAQ 550 GL and $3,430 a tonne for 570 GL. Indonesian L Asta at $3,500 a tonne.

November contract on NCDEX increased by Rs 442 a quintal on Monday to Rs 14,125. The rise in other contracts was from Rs119 to Rs505 a quintal.

On NMCE, November contract remained steady at previous level of Rs 13,800 a quintal. The increase in other contracts was from Rs 440 to Rs 482 a quintal.

Turnover up

Total turnover on NCDEX went up by 13,670 tonnes to 19,059 tonnes, while that for Nov, Dec and Jan was up by 3 per cent, 85 per cent and 11 per cent respectively.

On NMCE, the total turnover moved up 1,211 tonnes to 1,984 tonnes.

Total open interest on NCDEX dropped by 263 tonnes to 20,818 tonnes. Nov and Dec positions declined by 11 per cent and 58 per cent respectively while Jan went up by 20 per cent.

On NMCE, total open interest declined by 20 tonnes to 2,019 tonnes.

Spot prices in tandem with the futures market trend went up by Rs 200 a quintal on Monday to close at Rs 13,500 (un-garbled) and Rs 14,100 (MG 1).