The Hindu Business Line : Domestic support buoys pepper futures

November contract went up by Rs 112 at Rs 11,460 a quintal. December and January increased by Rs 276 and Rs 291 a quintal respectively to Rs 11,640 and Rs 11,700.

TURNOVER UP

Total turnover shot up by 3,767 tonnes to 6,664 tonnes on NCDEX.

Total open interest dropped by 163 tonnes to 12,766 tonnes. November net open position fell by 609 tonnes to 2,075 tonnes.

December and January moved up by 322 tonnes and 123 tonnes respectively to 6,732 tonnes and 3,295 tonnes.Investors were liquidating validity expired stocks at Rs 225-250 a quintal below the November price.

There were good buying support from dealers from the primary markets and they were buying large quantities to meet their upcountry demands and that in turn has pushed up the prices of almost all the deliveries.

DOMESTIC SUPPORT

Spot prices moved up by Rs 100 a quintal in tandem with the futures market trend and closed at Rs 11,100 (un-garbled) and Rs 11,700 (MG 1) on Friday.There was no support from the overseas markets. But the domestic market, which is the inherent strength of the Indian pepper, was strongly supporting.

International market is silent following the financial turmoil and the consequent credit squeeze.

All the origins remained steady / unchanged. Indian parity was at $2,575 a tonne (c&f) for Europe and $2,675 a tonne (c&f) for US.

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