The Hindu Business Line : Mixed trend in pepper futures

Reports of easing of other origins and absence of selling pressure have paved the way for bearish operators to push the nearby positions down and much below the spot prices.

Some speculators have switched over to next positions, market sources told Business Line. The total turnover dropped sharply. Domestic players are keeping away from the declining market, while most of the exporters are not covering due to fear of the quality of the material.

On NCDEX, September contract dropped by Rs 31 a quintal to Rs 12,532. October and November declined by Rs 36 and Rs 16 to Rs 12,781 and Rs 13,010 a quintal respectively. Among the other contracts, December declined by Rs 16, while January and February moved up by Rs 138 and Rs 70 a quintal respectively.

On NMCE, September contract declined by Rs 5 to Rs 12,410. Other contracts moved up by Rs 16 to Rs 70 a quintal except December which dropped by Rs 57 a quintal.

Turnover dips

Total turnover on NCDEX fell by 4,356 tonnes to 6,998 tonnes while on NMCE it declined by 401 tonnes to 342 tonnes.

Total open interest on NCDEX went up by 290 tonnes to 19,418 tonnes. September open interest fell by 264 tonnes to 4,625 tonnes while that of October and November went up by 496 tonnes and 42 tonnes respectively.

Spot prices

Spot prices ruled steady at previous levels of Rs 12,800 (un-garbled) and Rs 13,400 (MG 1) a quintal as the markets in Kerala remained close on account of Onam.

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