The Hindu Business Line : Pepper futures gain marginally

No spot selling took place. Several sell calls were there from technical experts to all. Turn over of the exchanges were dwindling as medium and small operators were keeping away because of the high volatility in market, trading sources told Business Line.

Besides, many operators appear to be waiting for the next month as from April 1 the CST would be reduced to 2 per cent from 4 per cent.

On the other hand, some feel that if they do some business now the refund under VAT would take another year as the current financial year is going to close.

Strengthening of rupee against dollar has pushed up the Indian parity from $3,950 a tonne (c&f) to around $4,000 a tonne (c&f).

There were European buyers interested to by at $3,900-3,925 a tonne (c&f).

Vietnam was reportedly offering 500 GL at $3,600 a tonne (f.o.b.), while Brazil was said to be quoted B Asta at $3,850 a tonne (f.o.b.) and B1 at $3,750 and B2 $3,650 a tonne (f.o.b.) Belem. Indonesia was reportedly offering L Asta at $3,850 a tonne (f.o.b.).

Domestic demand was good and much of it is met by direct supplies from Karnataka, they said.

CONTRACT POSITION

April contract on NCDEX on Tuesday moved up by Rs 67 a quintal to Rs 14,988.

All other contracts except July went up by Rs 4 to Rs 104 a quintal. July dropped by Rs 41 a quintal.

On NMCE, April contract moved up by Rs 47 a quintal to Rs 14,860. May also went up by Rs 54 a quintal, while all other contracts declined by Rs 45 to Rs 145 a quintal.

Spot prices ruled steady at previous levels on Tuesday at Rs 14,200 (un-garbled) and Rs 14,800 (MG1) a quintal.

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