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G. K. Nair

Kochi, Oct. 7 The pepper futures market on Tuesday bounced back and hit the upper circuit on good buying support from investors. Recovery of the stock market also influenced the pepper futures.

October contract shot up by Rs 386 to Rs 12,980 a quintal, but still below the spot price for MG 1 of Rs 13,500 a quintal.

November and December contracts increased by Rs 413 and Rs 376 a quintal respectively to Rs 13,175 and Rs 13,400, both below the spot price. Investors were buying back their sales and releasing physical pepper at a premium.

There were both exporters and domestic dealers to buy. There were no sellers at low price and hence the bear operators could not pull it down. Thus, the buying support has pushed up the prices. Around 300 tonnes of pepper would have been traded on Tuesday, market sources told Business Line.

Total turnover on NCDEX dropped by 942 tonnes to 7,581 tonnes. Total open interest declined by 218 tonnes to 17,817 tonnes. Open interest for October fell by 271 tonnes to 5,498 tonnes, while November by 51 tonnes to 7,861 tonnes. December position moved up by 88 tonnes to 3,233 tonnes.

Spot prices dropped by Rs 100 a quintal on selling pressure to close at Rs 12,900 (un-garbled) and Rs 13,500 (MG 1) on Tuesday.

Vietnam was offering Asta grade according to US brokers at $3,275 a tonne (c&f) while Ecuador at $3,100 a tonne (c&f). Indian parity on Tuesday was $3,025 a tonne (c&f) Europe and $3,125 a tonne (c&f) US.

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