The Hindu Business Line : Pepper futures witness high volatility

November contract moved up by Rs 4 a quintal to Rs 11,346. December went up by Rs 15 to Rs 11,375, while January dropped by Rs 27 to Rs 11,377 on NCDEX.

TURNOVER UP

Total turnover increased by 2,665 tonnes to close at 5,301 tonnes. Total open interest also moved up by 384 tonnes to 13,597 tonnes. November net open position declined by 231 tonnes to 2,933 tonnes. December and January went up by 232 tonnes and 366 tonnes respectively to 6,692 tonnes and 3,318 tonnes.

Spot prices remained unchanged at previous levels at Rs 10,900 (un-garbled) and Rs 11,500 (MG 1) a quintal on Monday. Investors were seen in a hurry to liquidate the stocks held by them on reports that there would be an early crop this season, market sources told Business Line.

According to them, 100 tonnes of green pepper are reported to have been sold to extraction units by growers in the southern districts of Kerala.

EARLY ARRIVALS

In the absence of North-East monsoon and the consequent dry spell the berries have matured early forcing the growers to harvest now. Meanwhile, investors based in far away places such as Delhi having no idea about the cultivation and the crop on hearing the news of early arrival of the new crop started liquidating and buying back futures.

Good quantities were traded last week. Exporters also covered. Transactions said to have taken place at Rs 250 a quintal below the November price for validity expired material lying in the investors’ own warehouses.

However, on Monday both are reluctant on the apprehension that new pepper might arrive soon, they said.

In the international market, all the origins said to be steady at the previous levels. Buyers continued to maintain their wait and watch approach. Exact position would be known on Tuesday. Indian parity remains competitive.

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