The Hindu Business Line : Uptrend continues in pepper futures

Kochi, Jan. 5 Pepper futures continued their uptrend on good buying support and tight supply position. January contract moved up by Rs 90 a quintal to Rs 11,370, while February and March was up by Rs 82 and Rs 63 respectively to Rs 11,416 and Rs 11,457 on Monday on NCDEX.

Total turnover increased by 2,102 tonnes to 7,819 tonnes. Total open interest declined by 77 tonnes to close at 7,828 tonnes. January net open position dropped by 199 tonnes to 2,898 tonnes while February and March net open interest increased by 52 tonnes and 63 tonnes respectively to 3,420 tonnes and 1,195 tonnes.

Arrivals drop

Arrivals from the primary markets in Kerala belt narrowed down substantially at a time when it should be normally moderate to good these weeks. It shows that either the farmers are holding back or something else must have happened seriously, market sources told Business Line.

Arrivals from Karnataka will commence only by March 2009. The stock available with the exchanges is estimated at 700 tonnes. The market witnessed good buying activity as there was good offtake from the domestic market because of the severe winter in north India.

Vietnam was offering V Asta at $2,550 a tonne (fob). Indian parity is also at part with Vietnam at $2,550 a tonne (fob). Indonesia was offering L Asta at $2,600 a tonne (fob) while Brazil was quoting BAsta at $2,000 a tonne (fob).

Spot prices increase

Spot prices, in tandem with the futures market trend, increased by Rs 200 a quintal to close at Rs 11,000 (un-garbled) and Rs 11,500 (MG 1) on Monday.

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