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G. K. Nair

Kochi, Feb. 27 Pepper futures market on Wednesday continued its uptrend on speculative activities based on rising Vietnam prices.

MG 1 price crossed Rs 15,000 a quintal as had happened in April, May last year.

There has been no selling pressure as the growers are holding back their produce hoping the prices would touch Rs 20,000 a quintal.

Indian parity on Wednesday stood at $4,150 a tonne (c&f), while Vietnam was offering FAQ 500 GL at $3,850-3,900 and 550 GL at $4,070-4,170 a tonne (f.o.b.). According to overseas reports on Wednesday Vietnam prices are going up every day even after 30 per cent of harvesting is over.

Meanwhile, Indonesia and Brazil in a bid to corner some business at this juncture were offering L Asta and B Asta at $4,050 a tonne (c&f) and $3,950 a tonne respectively.

Stunned by the upsurge in the prices buyers in the world market have gone on a wait and watch mode.

The rising prices have weakened the domestic demand also.

March contract on NCDEX increased by Rs 248 a quintal on Wednesday to Rs 15,650. All other contracts increased by Rs 324 to Rs 651 a quintal.

On NMCE, March contract went up by Rs 171 a quintal to Rs 15,200 from Rs 15,029. The rise in other contracts was from Rs 160 to Rs 258 a quintal.

Total turnover on NCDEX moved up by 1,033 tonnes to 20,952 tonnes, while that on NMCE went up by 131 tonnes to 2,065 tonnes.

Total open interest on NCDEX increased by 1,508 tonnes to 23,602 tonnes. March position dropped by 28 per cent while April and May went up by 60 per cent and 7 per cent respectively.

On NMCE, the total open interest declined by 5 tonnes to 1,626 tonnes.

Spot prices in tandem with the futures market trend increased by Rs 200 a quintal on Wednesday to close at Rs 14,500 (un-garbled) and Rs 15,100 (MG 1).

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