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G K Nair

Kochi, Sept 22 Pepper futures market, which opened lower moved up later on Monday and hit the ceiling at close on good domestic buying support.

The bear operators were pressurising some of the brokers to liquidate and that led to the fall in the morning.

However, as buyers became active the prices started moving up, trading sources told Business Line.

October contract shot up by Rs 366 a quintal to Rs 13,140.

November and December increased by Rs 365 and Rs 340 to Rs 13,405 and Rs 13,650 a quintal respectively.

Total turnover on NCDEX increased by 5,771 tonnes to 10,958 tonnes.

Total open interest moved up by 84 tonnes to 17,454 tonnes.

August net open position fell by 1,078 tonnes to 9,106 tonnes, while November and December positions increased by 934 tonnes and 173 tonnes respectively.

The rise in prices on NMCE on all the contracts was from Rs 161 to Rs 362 a quintal.

October contract went up by Rs 362 a quintal to close at Rs 13,123.

There was good demand from neighbouring States on account of Navarathri and Diwali next month and that has pushed up the prices, they said.

There was no spot activity.

Spot prices in tandem with the futures market trend and tight supply position went up by Rs 200 a quintal to close at Rs 13,000 (un-garbled) and Rs 13,600 (MG 1) on Monday.

The rupee strengthened against the dollar on Monday.

The Indian parity stood at $3,175-3,200 a tonne (c&f) Europe and $3,300 a tonne (c&f) US and remained out priced, they said.

In the international scenario, Vietnam reports to have exported 64,974 tonnes of black pepper during January-August 2008.

It implies that the big multinational companies there might have also liquidated some of their stocks.

Overseas market trend would be known only tomorrow.

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