The Hindu Business Line : Speculators help pepper rebound

Kochi, March 4 Pepper futures market after opening easier in the forenoon as there was no follow up moved up in the afternoon and closed higher than that of Monday’s close.

There was no selling pressure for want of physical material. As the futures prices were down and the difference between both futures and the spot being thin investors were not buying.

Domestic demand continued to remain weak ever since the prices moved up last week.

In the International market Vietnam prices declined on Tuesday. FAQ 500 GL and FAQ 550 GL were being offered at $3,950 and $4,150 a tonne (f.o.b.) respectively. Vietnam white pepper was quoted at $5,950 A tonne (f.o.b.).

Brazil was offering B1 560 GL at 3,920 and B2 500 GL at $3,750 a tonne (f.o.b.). LAsta however ruled firmer at $,4150-4,200 a tonne (f.o.b.). Indonesia reported to have not much of Asta grade to offer. Meanwhile, according to an overseas report some European Industries had bought spot materials at $4,000 a tonne.

CONTRACT POSITION

March contract on NCDEX on Tuesday moved up by Rs 223 a quintal to Rs 15,700. The increase in other contracts was from Rs 49 to Rs 386 a quintal.

On NMCE, March contract increased by Rs 248 a quintal to Rs 15,230. The rise other contracts except July and August was from Rs 210 to Rs 329 a quintal while July and August dropped by Rs 28 and Rs 321 a quintal respectively.

Total turn over on NCDEX moved up by 561 tonnes to 18,759 tonnes, while that on NMCE dropped by 362 tonnes to 1,628 tonnes.

Total open interest on NCDEX went up by 88 tonnes to 24,347 tonnes. March and April positions declined by 19 per cent and 65 per cent respectively while May moved up by 11 per cent.

On NMCE, total open interest declined by 20 tonnes to 1,845 tonnes.

Spot prices ruled steady at previous levels at Rs 14,500 (un-garbled) and Rs 15,100 (MG 1) a quintal on Tuesday.

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