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G.K. Nair

Kochi, Nov. 18 The pepper futures market on Tuesday shot up and the hit the upper circuit on good buying support.

Strong domestic demand has resulted in increased buying interest from dealers in upcountry markets and those in primary markets. Exporters were also showing buying interest. It is evident from the trend that fundamental are showing strength as, despite the decline in capital markets in India and overseas, the pepper market moved up unlike in the recent past, market sources told Business Line.

November contract increased by Rs 463 to Rs 12,015 a quintal. December and January went up Rs 470 and Rs 474 a quintal, respectively, to Rs 12,200 and Rs 12,304 on NCDEX.

Spot prices in tandem with the futures market trend increased by Rs 300 a quintal to Rs 11,600 (un-garbled) and Rs 12,100 (MG 1). After a long time, November price has almost converged with the spot price of MG1.

Total turnover on NCDEX increased by 2,481 tonnes to 66,75 tonnes. Total open interest declined by 23 tonnes to 12,365 tonnes. Net open position for November fell by 421 tonnes 1,088 as it is nearing maturity on November 20.

December and November moved up 115 tonnes and 260 tonne, respectively, to 6,765 tonnes and 3,802 tonnes.

In the overseas market, all the other origins remained steady. Vietnam, which is watching closely the Indian futures market moved up by $100 a tonne and V Asta was reportedly quoted at $2,900 a tonne (fob).

Indonesia was out with its parity ruling above $3,000 a tonne. Brazil is said to have quoted B Asta at $2,500 a tonne (fob).

Indian parity despite sharp rise stood at $2,700 a tonne (c&f) for Europe and $2,800 a tonne (c&f) for the US due to further depreciation of the rupee against the dollar.

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