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G.K. Nair

Kochi, Nov 7 Pepper futures moved up on Friday on tight supply position and moderate buying support. November contract increased by Rs 202 to Rs 11,245 a quintal. December and January contracts went up by Rs 233 and Rs 193 a quintal to Rs 11,276 and Rs 11,325 respectively.

Total turnover dropped by 681 tonnes to 5,087 tonnes. Total open interest moved up marginally by 30 tonnes to 13,418 tonnes. November net open position fell by 253 tonnes to 3,296 tonnes. Dec and Jan positions increased by 161 tonnes and 116 tonnes to 6,533 tonnes and 2,948 tonnes respectively.

Investors were buying back futures and selling spot. The tight supply position world over is pointed out as the reason for the upward swing.

Improvement in the stock market has also influenced the market to move up. Domestic demand continued to play an important role. The demand is so good that even dealers in primary markets were buying from the exchanges to meet their upcountry requirements.

Spot prices ruled steady at Thursday’s levels at Rs 10,800 (un-garbled) and Rs 11,400 (MG 1) a quintal on Friday. The spot price of Malabar Gold continued to remain above the first three deliveries.

In the international market, all the origins are reportedly remained steady to firm. Indian parity almost remained competitive.

Availability is only in Brazil and India and in the latter, it is said to be very thin.

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