The Hindu Business Line : Pepper futures up on bullish sentiments

The market which was down till 3 p.m shot up from 3.30-5 p.m after the close of the stock market. The arrival of “market makers from the stock market after its closure at commodities market has also contributed to the upward swing, market sources here alleged.

January contract on Wednesday shot up by Rs 447 to Rs 11,645 a quintal on NCDEX, while February and March went up by Rs 451 and Rs 453 a quintal respectively to Rs 11,706 and Rs 11,775.

Turn over up

Total turnover increased by 1,052 tonnes to 6,527 tonnes. Total open interest also went up by 563 tonnes to 8,162 tonnes. Net open position for January declined by 100 tonnes to 2,616 tonnes while February and March moved up by 471 tonnes and 170 tonnes respectively to 3,850 tonnes and 1,347 tonnes.

With the increase in the futures prices Indian parity has lost its competitiveness in the world market in terms of price. Indian parity was at $2,625 a tonne (c&f) Europe and $2,725 a tonne (c&f) US. Spot prices in tandem with the futures market shot up by Rs 300 a quintal to close at Rs 11,200 (un-garbled) and Rs 11,700 (MG 1) on Wednesday.

According to a report from Europe, the pepper market there was looking more and more nervous and the buyers were looking to nearby positions. Vietnam was said to be cheaper, it said.

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