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G.K. Nair

Kochi, Aug 5 Pepper futures market on Tuesday was highly volatile and closed marginally higher than that of Monday. August contract was up by Rs 48 a quintal to close at Rs 14,111. The rise in other contracts was from Rs 59 to Rs 75 a quintal on NCDEX. There were no ready sellers in the spot market.

“Strengthening of the rupee against the dollar coupled with the upward trend in the Indian market has kept our parity at higher levels at $3,550-3,600 a tonne C&F. Thus it remained out priced,” market sources told Business Line.

Domestic demand continued to be good and it is expected to go up as the festival season is fast approaching. It seems that the domestic demand will hold Indian pepper at higher levels in the coming days, they said. Much of the domestic demand is met by direct supplies from the primary markets evading tax, they said.

The total turnover was up by 1,388 tonnes to close at 6,734 tonnes while the total open interest declined by 314 tonnes to 19,773 tonnes. August and September net open positions dropped by 31 per cent and 43 per cent respectively while October was up by 18 per cent.

In the international market, all the origins ruled by and large steady.Vietnam was offering 500 GL at $3,000 a tonne (f.o.b.) while 550 GL at $3,160 (f.o.b). V Asta was being offered at $3,200-3,240 a tonne (f.o.b). Brazil has quoted B Asta at $3,050 a tonne (f.o.b.) Belem while B1at $2,950 a tonne (f.o.b.) and B2 at $2,900 a tonne (f.o.b.). Indonesia has kept away from the market.

Spot prices in tandem with the futures market trend moved up by Rs 100 a quintal to close at Rs 13,800 (un-garbled) and Rs 14,400 (MG 1) on Tuesday.

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