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G.K. Nair

Kochi, Sept 23 Pepper futures continued their upward swing on tight supply in the domestic as well as in international market.

Vietnam and Brazil were reportedly firmer and had raised their prices by $50 to $100 tonne. Indonesia is reported to be quietly selling to end users in the US at $3,500-3,525 a tonne (c&f). The US is said to have covered up to September and fresh demand has to emanate from October onwards.

According to unconfirmed reports, Indonesia is holding around 10,000 tonnes and selling it slowly to end users in the US without disturbing the market.

The supply position in Vietnam is also getting tighter with the stocks depleting. Similar situation is in India also. The stock held in exchanges is estimated at 5,300 tonnes. Stock position on the NCDEX on September 22 was at 4,626 tonnes. The farmers are said to be holding their iron stock and are not ready to part with it.

Spot prices continued to rule above the futures market prices. Following exhaustion of the brokers’ limit to hold nearby month position they are forced to liquidate.

Indian parity on Tuesday was at $3,200 a tonne (c&f) in to Europe and $3,300 a tonne (c&f) US. Rupee weakened against dollar and that has nullified the increase in price.

October contract on NCDEX moved up by Rs 216 a quintal to Rs 13,344 on Tuesday. The increase in other contracts was from Rs 198 to Rs 382 a quintal. On NMCE, October contract went up by Rs 240 a quintal to Rs 13,330.

Total turn over on NCDEX declined by 169 tonnes to 10,789 tonnes. Total open interest moved up by 246 tonnes to 17,700 tonnes. October position dropped by 658 tonnes while November and December went up by 577 tonnes and 250 tonnes respectively.

Spot prices were in tandem with the futures market trend and the tight supply position increased by Rs 100 a quintal to close at Rs 13,100 (un-garbled) and Rs 13,700 (MG 1).

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