The Hindu Business Line : Marginal decline in pepper futures

Kochi, Dec. 18 Pepper futures market on Tuesday ruled by and large steady with marginal decline. Limited activities were seen as the buyers are waiting for the prices to stabilise.

The international market is almost on a holiday mood and as such the market is expected to reactivate only in early January 2008. Weakening of the rupee against dollar also contributed positively to the price. Indian parity was at $3,475-3,500 a tonne (c&f) and remained competitive.

Domestic demand continued to be good. Much of it is met by direct sales from the primary markets.

CONTRACT POSITION

December contract on NCDEX declined by Rs 38 a quintal on Tuesday to close at Rs 12,651 from Rs 12,689. The drop in other contracts was from Rs 16 to Rs 170 a quintal.

On NMCE December contract declined by Re 1 a quintal to close at Rs 12,888 from Rs 12,889. The fall in other contracts was from Rs 36 to Rs 50 a quintal.

Turnover dips

Total turnover on NCDEX fell by 3,563 tonne to 7,836 tonne. Turnover for December, January and February dropped by 9 per cent, 61 per cent and 26 per cent respectively.

On NMCE total turnover declined by 193 tonne to 701 tonne.

Total open interest on NCDEX moved by 316 tonne to 19,187 tonne. December and January position dropped by 8 per cent and 50 per cent respectively, while February moved up by 28 per cent.

On NMCE total open interest declined by 16 tonne to 1,371 tonne.

Spot prices ruled steady at previous level on Tuesday at Rs 12,500 (un-garbled) and Rs 13,100 (MG 1) a quintal.

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