The Hindu Business Line : Pepper trading witnesses volatility, futures decline

The Indian parity dropped to $3,575-3,600 a tonne (c&f) and still on the higher side in the international market. There has not been any follow through by other origins.

Brazil reportedly was down by $100 a tonne to $3,100 a tonne (f.o.b.) while Indonesia remained at $3,400-3,450 a tonne (c&f). As the commodity was available in Indonesia at low prices those having commitments had switched over to there.

Meanwhile, whatever has been contracted by the industry for value addition and export, estimated at around 4,000 tonne is expected to land here soon, market sources told Business Line.

Stocks in other origins are depleting and the situation in India is also not different. Here the new crop will come to the market when the harvesting begins by December-end, they said.

As there is good domestic demand there was no spot selling at the terminal market. The entire demand is met by the primary markets and the goods are allegedly moved out to other destinations from Idukki and Wayanadu districts of Kerala.

CONTRACT POSITION

December contract on NCDEX declined by Rs 66 a quintal on Friday to Rs 13,306. The drop in other contracts was from Rs 58 to Rs 109 a quintal. On NMCE, December contract dropped by Rs 60 a quintal to Rs 13,301.

The fall in other contracts except March and April was from Rs 17 to Rs 95 a quintal. March and April moved up by Rs 4 and Rs 35 a quintal respectively.

Turnover up

Total turnover on NCDEX increased by 4,979 tonnes to 16,993 tonnes, while that for December and January went up by 15 per cent and 75 per cent respectively. On NMCE, total turnover moved up by516 tonnes to 1,883 tonnes.

Open interest

Total open interest on NCDEX increased by 543 tonnes to 19,388 tonnse.

December position declined by 31 per cent while January and February moved up by 49 per cent and 9 per cent. On NMCE, total open interest moved up by 38 tonnes to 1,728 tonnes.

Spot prices

Spot prices ruled steady at previous levels on Friday at Rs 12,800 (un-garbled) and Rs 13,400 (MG 1) a quintal.

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