The Hindu Business Line : Pepper futures fall sharply

Kochi, Jan. 21 Pepper futures market, which has been moving up during the past couple of weeks, witnessed a sharp fall on Monday following the major crash in the share markets.

The influence has been such that the prices fell by Rs 306 to Rs 744 on NCDEX and by Rs 85 to Rs 622 on NMCE.

This has brought down the Indian parity to $3,925 a tonne (c&f), almost on par with that of other origins. Indonesia reported to have raised the price of L Asta to 3,750–3,800 (f.o.b.) while Vietnam was said to be quoting almost at the Indian levels, market sources told Business Line.

Buyers in the world market have gone on a wait and watch mode as the prices started moving up.

CONTRACT POSITION

February contract on NCDEX fell by Rs 611 a quintal on Monday to Rs 14,665. The drop in other contracts was from Rs 306 to Rs 744 a quintal. On NMCE, February contract dropped by Rs 597 a quintal to Rs 14,470. The fall in other contracts was from Rs 85 to Rs 622 a quintal.

Total turnover on NCDEX increased by 9,880 tonnes to 23,440 tonnes, while on NMCE it went up by 856 tonnes to 2,484 tonnes.

Total open interest on NCDEX fell by 821 tonnes to 24,253 tonnes. February and March positions dropped by 25 per cent and 58 per cent respectively while April moved up by 12 per cent.

On NMCE, total open interest went up by 17 tonnes 1,652 tonnes. Spot prices in tandem with the futures market trend fell by Rs 200 a quintal on Monday to close at Rs 13,800 (un-garbled) and Rs 14,400 (MG 1).

The market for white pepper also firmed up.

Prices at most origin as well as at European market increased up to 3 per cent.

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