The Hindu Business Line : Pepper futures market witnesses high volatility

Kochi, April 8 Pepper futures market continued to experience high volatility on buy and cell calls during the day and closed marginally higher on Tuesday.

The market remained highly speculative and volatile and as a result, many small and medium operators have opted out and that in turn brought down the turn over at the national exchanges, market sourced told Business Line.

The quantity restrictions on nearby month position are also hampering the exporters as well as the investors.

Indian parity continued to remain competitive because of the low exchange prices. In the international market the prices at other origins ruled steady at previous levels and hence the buyers are still on a wait and watch mode.

There are no bearish sentiments in the international market as the supply position continued to remain tight and hence the prices have been ruling firm, they said. In Brazil, according to Brazil Pepper Trade Board, the remaining stock is estimated at 8,000 tonne.

CONTRACT POSITION

April contract on NCDEX moved up by Rs 25 a quintal to close at Rs 14,413 on Tuesday. May and June went up by Rs 30 and Rs 15 respectively while July, August and September dropped by Rs 21, Rs 44 and Rs 92 respectively.

On NMCE April contract increased by Rs 24 a quintal to close at Rs 14,270 from Rs 14,246. May and June moved up by Rs 46 and Re 1 respectively while August and September dropped by Rs 50 and Rs 71 respectively. Total turnover on NCDEX dropped by 2,917 tonnes to 4,739 tonnes while on NMCE it fell by 64 tonnes to 663 tonnes.

Total open interest on NCDEX declined by 86 tonnes to 18,436 tonnes. April position fell by 31 per cent while May and June moved up by 53 per cent and 14 per cent respectively. Spot prices ruled steady at previous levels at Rs 14,000 (un-garbled) and Rs 14,600 (MG 1) a quintal on Tuesday.

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