The Hindu Business Line : Pepper futures market steady

The quantity restriction on near month position is said to be restricting the buyers, mainly the genuine hedgers, market sources told Business Line. As a result, exporters were not able to entertain new business, they claimed.

December contract was traded lowest and yet there weren’t many buyers. The brokers, they said, were refusing to accept more than 170 tonne for January contract because of the quantity restriction. However, rumours were being spread that the near month position had been raised from 170 tonne to 400 tonne.

The international market was reportedly steady with not much activity. Thursday is the last working day for the US and EU markets which will remain closed for X’mas and New Year holidays. They will be re-opened on January 2.

Indian parity was at $3,475-3,500 a tonne (c&f). Prices of other origins remained steady at previous levels.

CONTRACT POSITION

December contract on NCDEX on Thursday declined by Rs 29 a quintal to close at Rs 12,705 from Rs 12,734. The other contracts except May moved up marginally by Rs 3 to Rs 32 a quintal. May contract slipped by Rs 2 a quintal.

On NMCE January contract dropped by Rs 49 a quintal to close at Rs 12,932 from Rs 12,981. February and March dropped by Rs 52 and Rs 39 respectively while other contracts moved up by Rs 56 to Rs 124 a quintal.

Total turnover on NCDEX fell by 1,257 tonne to 10,416 tonne and that for December, January and February dropped by 7 per cent, 59 per cent and 30 per cent respectively.

On NMCE total turnover declined by 186 tonne to 625 tonne.

Total open interest on NCDEX dropped by 789 tonne to 18,216 tonne. The December position remained at 454 tonne. The drop in December and January position was 2 per cent and 46 per cent respectively. February position moved up by 36 per cent.

On NMCE total open interest moved up by 12 tonne to 1,399 tonne.

Spot market remained closed on account of Bakrid.

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