The Hindu Business Line : Pepper futures rise on buying support

Kochi, Jan. 29 Pepper futures market on Tuesday moved up on good buying support. Speculatively, futures market was down and now it has corrected itself, market sources told Business Line.

Exporters having earlier commitments and investors were buying.

What ever quantity arrived at the terminal market which is almost half of what used to arrive normally at this time in the previous seasons, is easily absorbed, they said.

Even after the harvesting has picked up to full swing there has not been any selling pressure so far.

It appears that the growers who had liquidated their stock earlier when the prices were ruling high are replenishing their stock.

Some dealers are, even, apprehensive of a fall in the production more than what was projected earlier, they said.

Not much offering from other origins also. Brazil continues to offer at $3,600 a tonne (f.o.b.).

Indonesian market is closed. Indian parity remained above $3,900 a tonne (c&f).

Spot market ruled steady.

CONTRACT POSITION

February contract on NCDEX moved up by Rs 164 a quintal on Tuesday to Rs 14,555.

The increase in other contracts was from Rs 92 to Rs 191 a quintal.

On NMCE, February contract went up by Rs 104 a quintal to Rs 14,360.

The increase in other contracts except May and June was from Rs 46 to Rs 134 a quintal, while May and June dropped by Rs 83 and Rs 91 respectively.

Turnover

Total turnover on NCDEX fell by 4,403 tonnes to 8,936 tonnes, while on NMCE it declined by 640 tonnes to 887 tonnes.

Open position

Total open interest on NCDEX dropped by 197 tonnes to 22,592 tonnes.

February and March positions dropped by 19 per cent and 62 per cent respectively. April moved up by 14 per cent.

On NMCE, total open interest declined by 50 tonnes to 1,644 tonnes.

Spot prices

Spot prices ruled steady at Monday’s levels at Rs 13,600 (un-garbled) and Rs 14,200 (MG 1) a quintal.