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G. K. Nair

Kochi, March 10 Pepper futures market moved up marginally on speculative activities after a sharp fall last week.

Probably enthused by the sharp decline last week the buyers are holding back anticipating that the prices may fall in the coming days. Weakening of rupee against dollar has pushed up the Indian parity to $4,000 a tonne (c&f).

Good domestic demand is there but it is met by direct buying from the primary markets. Since Karnataka is tight operators have turned towards Kerala and pepper is moved out from Idukki, Wayanad and other northern districts by evading tax, market sources alleged.

Harvesting in Kerala is reportedly almost over and the big growers besides holding back their produce are buying from small farmers. Around 60 per cent of the producers in Kerala are small farmers. International market situation would be known only on Tuesday.

March contract on NCDEX moved up by Rs 74 a quintal on Monday to Rs 14,895. The increase in other contracts except April and May was from Rs 208 to Rs 350 a quintal. April and May dropped by Rs 47 and Rs 42 a quintal respectively.

On NMCE, March contract declined by Rs 49 a quintal to Rs 14,620 from Rs 14,669. Apr and May declined by Rs 55 and Rs 45 a quintal respectively. Other contracts moved up by Rs 120 to Rs 195 a quintal. Total turnover on NCDEX fell by 2,580 tonnes to 9,445 tonnes, while that on NMCE moved up by 53 tonnes to 1,572 tonnes.

Total open interest on NCDEX went up by 177 tonnes to 22,262 tonnes. March position declined by 18 per cent, while April and May moved up by 61 per cent and 15 per cent respectively.

On NMCE, total open interest moved up by 55 tonnes to 1,858 tonnes.

Spot prices ruled steady at previous levels on Monday at Rs 14,300 (un-garbled) and Rs 14,900 (MG 1) a quintal.

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