The Hindu Business Line : Pepper futures market recovers

Kochi, Jan. 22 Pepper futures market which fell sharply on Monday has recovered on Tuesday and closed almost steady. Market witnessed highly speculative activities.

There was no selling pressure of the physical material, market sources told Business Line.

As the Indian parity has become competitive with other origins and a source of availability enquiries were coming in from the European sector for January and early February shipments, they said.

Indian parity on Tuesday was $4,000 a tonne (c&f). Indonesia was offering at $3,800 a tonne (f.o.b.) while Brazil at $3,700 a tonne (f.o.b.). Vietnam was not active in the market. Given this situation some overseas demand is expected to come to India from those international operators who have to cover for their first quarter requirements, they said.

CONTRACT POSITION

February contract on NCDEX moved up by Rs 29 a quintal on Tuesday to close at Rs 14,694 from Rs 14,665. The other contracts except April and May declined by Rs 38, Rs 11, and Rs 305 a quintal. April and May went up by Rs 8 and Rs 84 a quintal. On NMCE, February contract declined by Rs 27 a quintal to close at Rs 14,561 from Rs 14,588. All other contracts except March dropped by Rs 81, Rs 196 and Rs 210 respectively while March moved up by Rs 25 a quintal.

Turnover

Total turnover on NCDEX dropped by 4,532 tonnes to 18,908 tonnes, while on NMCE it declined by 171 tonnes to 2,313 tonnes.

Spot prices

Spot prices ruled steady at previous level of Rs 13,800 (un-garbled) and Rs 14,400 (MG 1) a quintal on Tuesday.