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G.K. Nair

Kochi, Sept. 19 Pepper futures market on Friday witnessed high volatility and after going up it went down and closed marginally up on buying support.

There was no selling pressure. People were switching over to October and November.

Exporters were sceptical about the quality of the material and, therefore, were not showing any buying interest or making any commitment. However, some were buying because of the low prices at the exchange and non-availability of ready pepper in the open market.

September contract moved up Rs 14 a quintal to Rs 12,690 on NCDEX. October and November contracts were also up Rs 44 and Rs 36 to Rs 12,849 and Rs 13,101 a quintal, respectively, but far below the spot price of MG 1.

Around 1,027 tonnes of September pepper were outstanding which should come for compulsory delivery.

On NMCE, the prices moved up Rs23 to Rs 114 a quintal.

Total turnover increased by 2,977 tonnes to 11,626 tonnes on NCDEX while total open interest moved up 185 tonnes to 18,391 tonnes.

Net open position for Sep dropped by 858 tonnes while October and November went up 34 tonnes and 971 tonnes, respectively.

Spot prices ruled steady at Thursday’s level of Rs 12,800 (un-garbled) and Rs 13,400 (MG 1) a quintal.

Indian parity stood at $3,075 a tonne (c&f) Europe and $3,175 a tonne (c&f) USA following weakening of the rupee against dollar on Friday.

Today’s prices in the international market were $2,300-2,400 for B2 500gl, $2,400-2,500 for B1 560 gl and $2,500-2,650 for Asta grade. In Vietnam, it is reported around 500 gl at $2,525, 550 gl at $2,600 and VASTA at $3,000 at pair with India

The Brazilian Pepper Trade Board analysing the US imports trend has predicted that there could be a shortfall in supply in the coming months and consequently there were chances for prices to move up. “We analyse the American imports up to July and find room for some possible bullish trend,” it said.

The US imported during July a total of 3,519 tonnes against 5,625 tonnes in July 2007.

Lampong origin was the main channel with 1,126 tonnes followed closely by Malabar 1,012 tonnes. Lampong supplied in the first half of the year 14,021 tonnes just 200 tonnes less than the whole year of 2007.

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