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G. K. Nair

Kochi, Aug. 21 Pepper futures on Thursday fell on bearish activities. The market continued to witness high volatility because of the muscle power of both the bulls and bear operators, market sources told Business Line.

Speculative activities in excess are not good for the market, as it will send out wrong signals to the overseas markets negatively impacting the confidence in the futures market here, they claimed.

August contract matured and 1,172 tonnes of the commodity were delivered. September contract dropped by Rs 116 to close at Rs 14,458 a quintal on Thursday. It dropped marginally below the spot price of Rs 14,500 a quintal for MG 1.

The fall in other contracts was from Rs 99 to Rs 152 a quintal. Buying interest was seen from the investors who covered 50–60 tonnes of MG 1 exchange delivered pepper at Rs 14,700 a quintal, they said.

The primary markets remained silent as the growers kept away from selling.

Total turnover on NCDEX was down by 1,927 tonnes to close at 6,806 tonnes. September and October turnover fell by 2,074 tonnes and 317 tonnes respectively, while November moved up by 178 tonnes. Total open interest declined by 173 tonnes to 19,791 tonnes.

September open interest dropped by 240 tonnes, while that for October and November moved up by 171 tonnes and 49 tonnes respectively.

The rupee also strengthened against the dollar at close after remaining volatile throughout the day. The Indian parity remained at $3,575 a tonne (c&f) Europe and $3,625 a tonne US.

The international market remained quiet without much activities while the prices of other origins ruled steady at previous levels. However, the Indian parity remained out-priced.

Spot prices remained unchanged at Wednesday’s level of Rs 13,900 (un-garbled) and Rs 14,500 (MG 1) a quintal on Thursday.

More Stories on : Spices & Condiments | Commodity Exchanges

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