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G K Nair

Kochi, Dec. 14 Pepper futures market on Friday moved up on good buying support and tight supply position.

Operators who had gone short were covering back their positions. There was buying by European Union and US buyers from India at $3,500 a tonne (c&f), which had activated market.

There appeared to have an oversold position in the market. Good domestic demand was seen and the buyers were active, but much of the demand was being covered by direct buying from the primary markets.

International market was quiet without much activity while the prices at other origins remained steady at previous levels. Lampong Asta and Sarawak were being offered at $3,400 a tonne (c&f).

Indian parity with Friday’s rise stood at $3,600 a tonne (c&f). The market is following through, market sources told Business Line.

December contract on NCDEX went up by Rs 248 a quintal on Friday to close at Rs 12,720 from Rs 12,472. The increase in other contracts was from Rs 216 to Rs 395 a quintal.

On NMCE December contract, which is maturing on Saturday remained unchanged at Rs 12,550 a quintal. All other contracts moved up and the increase was from Rs 195 to Rs 294 a quintal.

Total turnover on NCDEX increased by 2,638 tonne to 13,318 tonne while that for December and January went up by 12 per cent and 71 per cent respectively. On NMCE total turnover moved up by 89 tonne to 1,154 tonne.

Total open interest on NCDEX dropped by 371 tonne to 18,628 tonne. December and January positions declined by 14 per cent and 53 per cent respectively. February position moved up by 20 per cent.

Spot prices in tandem with the futures market trend and on buying support increased by Rs 200 a quintal to close at Rs 12,500 (un-garbled) and Rs 13,100 (MG 1) a quintal on Friday.

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