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G K Nair

Kochi, Oct 21 Pepper futures showed an uptrend and all the contracts moved up on Tuesday on tight supply. The market was by and large slow as the exporters have adopted a wait and watch approach given the prevailing liquidity squeeze, trading sources said.

November contract increased by Rs 107 to Rs12,842 a quintal. December and January went up by Rs114 and Rs102 a quintal to Rs 12,990 and Rs 13,138 respectively.

Total turnover on NCDEX moved up by 99 tonnes to 4,528 tonnes, while total open interest went up by 34 tonnes to 15,444 tonnes. Net open position for November dropped by 419 tonnes to 7,472 tonnes, December and January increased by 306 tonnes and 158 tonnes respectively.

Investors sold spot, mainly farm grade pepper they were holding, and bought futures. As there is a strong domestic demand, dealers from the primary markets took delivery from exchanges’ validity expired stocks for north Indian markets. The quality of the material available from the exchange was superior to the farm grade pepper and as such some of the dealers were downgrading it and selling in upcountry, trading sources told Business Line.

In the overseas market everybody is on a wait watch mode. Indian parity remained competitive at $2,900 - $3,000 a tonne (c&f).Vietnam was not offering Asta grade while Indonesia was quoted above the Indian parity. Brazil was quoting B Asta at $2,600 a tonne (fob).

Indian pepper at present is at an advantageous position, they claimed. Spot prices remained unchanged at previous levels at Rs 12,700 (un-garbled) and Rs 13,300 (MG 1) a quintal on Tuesday.

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