The Hindu Business Line : Pepper futures close slightly higher

On NCDEX, September contract moved up by Rs 40 a quintal to close at Rs 14,016, far below the MG 1 spot price of Rs 14,200 a quintal. The rise in other contracts except February was from Rs 24 to Rs 58 a quintal. February dropped by Rs 68 a quintal.

Turnover Slips

Total turn over dropped by 947 tonnes to 6,733 tonnes while total open interest declined by 19 tonnes to 20,110 tonnes. September and November open interest fell by 411 tonnes and 13 tonnes respectively while October moved up by 351 tonnes. The market, in fact, has been subjected to high fluctuations because of the muscle power of the operators who are at present bearers, market sources told Business Line. Buyers – both domestic and overseas – have taken a wait and watch approach, they said.

Global Market

Reports from the International market said the market was inactive. Indonesia was waiting for their new crop to arrive. Brazil was lower because of a strong dollar and offering B Asta at $2,975 a tonne (fob). And yet, there was reportedly no demand going there. B1 was quoted at $2,850 at tonne (fob) and B2 at $2,750 a tonne (fob). Ecuador Asta was quoted at $3,300 a tonne (c&f) New York and MG1 at $3,550 a tonne (c&f). Vietnam quoted FAQ 500 GL at $2,750 a tonne (fob) and 550 GL at $2,900 a tonne (fob). L Asta was reportedly quoted at $3,500-3,600 a tonne in the US.

On spot there was no selling pressure. The prices moved up by Rs 100 a quintal to close at Rs 13,600 (un-garbled) and Rs 14,200 (MG 1) on Wednesday.

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Pepper futures close slightly higher