The Hindu Business Line : Pepper futures gain on buying

Kochi, Nov. 28 Pepper futures market witnessed high volatility as some of the multinationals having cheap funds available with them were ready to buy exchange delivered pepper at December price for selling at further up position.

Meanwhile, the Kerala State Marketing Federation (Marketfed), the official procurement agency for pepper, sold 66 tonnes of black pepper at Rs 12,850 a quintal on Wednesday.

Indian parity on Wednesday remained at $3,550-3,575 a tonne (c&f). The buyers were holding at $3,500 a tonne. Brazil was offering Asta grade at $3,400 a tonne (c&f) and Indonesia at $3,525 a tonne (c&f).

CONTRACT POSITION

December contract on NCDEX on Wednesday by Rs 45 a quintal to Rs 13,070. The increase in other contracts was from Rs 23 to Rs 63 a quintal.

On NMCE, December contract moved up Rs 57 a quintal to Rs 13,120. January, February and March dropped by Rs 12, Rs 6 and Rs 13 a quintal, respectively, while April and May increased by Rs 161 and Rs 133 a quintal, respectively.

Total turnover on NCDEX moved up 581 tonnes to 11,214 tonnes, while December declined by 14 tonnes. January turnover increased by 73 per cent. On NMCE, total turnover went up 393 tonnes to 1,439 tonnes.

Total open interest on NCDEX declined by 337 tonnes to 18,896 tonnes. Spot prices ruled steady at previous levels on good buying support on Wednesday at Rs 12,700 (un-garbled) and Rs 13,300 (MG 1) a quintal.