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G.K. Nair

Kochi, Jan. 8 Pepper futures continued their upward run on Thursday despite strike by trailer-operators, truckers in North India and the officers of oil companies on buy-call and bullish sentiments.

January contract on NCDEX increased by Rs237 to Rs 11,832 aquintal. February and March contracts increased by Rs 233 and Rs 214 respectively to Rs 11,939 and Rs 11,989 a quintal.

Spot prices, in tandem with the futures market trend, shot up by Rs200 a quintal to Rs 11,400 (un-garbled) and Rs 11,900 (MG 1).

Reports of uptrend in the markets world over and the fear psychosis spread in the markets that Indian exporters might default for want of enough valid stocks with the exchanges have also contributed to the upswing in the prices, market sources told BusinessLine.

Valid stock available at the exchange is estimated to be below 1,000 tonnes. The quantity of validity expired stock is anybody’s guess, they said adding those having sales on the exchange are holders of the validity expired stock.

Meanwhile, the fear of default is getting crystallised now due to the depleting stock at the exchanges. The net open position for January is 2,388 tonnes despite delivery of 228 tonnes, while Feb net open position has gone up by 404 tonnes indicating that market players have switched over, they said.

Total turnover on NCDEX increased by 2,422 tonnes to 8,949 tonnes.Total open interest increased by 156 tonnes to 8,318 tonnes. Indian parity has gone up to $2,700 a tonne (c&f) for Europe and $2,800 a tonne (c&f) for the US. Indonesia quoted L Asta at $2,600 a tonne (f.o.b) while V Asta was at $2,550 a tonne (c&f) New York, Apr-May-Jun shipments. Brazil quoted B Asta at $2,300 a tonne (f.o.b).

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