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G K Nair

Kochi, Jan. 1 Pepper futures market moved up on Tuesday on good domestic buying support.

However, the market witnessed high volatility during the day as both the bulls and bears were very active. Speculative activities were intense.

There was good internal demand and hence both the industry, as well as consumers was buying. As the grinding loss will be minimal in this climate those engaged in this sector was actively buying, market sources told Business Line.

International markets remain closed and expected to re-open on January 2.

January contract on NCDEX on Tuesday moved up by Rs 95 a quintal to Rs 13,400. The increase in other contracts was from Rs 92 to Rs 162 a quintal.

On NMCE, January contract went up by Rs 96 to close at Rs 13,313.The increase in other contracts except April was from Rs 113 to Rs 135 a quintal. April declined by Rs 11 a quintal.

Total turnover on NCDEX increased by 2,307 tonnes to 10,142 tonnes, while on NMCE it moved up by 154 tonnes to 671 tonnes.

Total open interest on NCDEX went up by 61 tonnes to 19,101 tonnes. January position dropped by 29 per cent, while February and March moved up by 49 per cent and 11 per cent respectively.

Spot prices ruled steady at previous levels on Tuesday at Rs 12,900 (un-garbled) and Rs 13,500 (MG 1) a quintal.

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