The Hindu Business Line : Pepper futures close higher

There was no follow through for selling spot pepper. A tight scenario was prevalent. June delivery was slightly below the spot price. Activities were limited. No selling pressure was seen.

The rupee, on Monday, weakened against the dollar. Indian parity in the international market remained at $2,825 a tonne (c&f) and continued to rule above all other origins.

June contract moved up by Rs 160 on NCDEX to close at Rs 12,913 a quintal. July and August increased by Rs 169 and Rs 185, respectively, to close at Rs 13,093 and Rs 13,060 a quintal.

Total turnover on NCDEX increased by 1,385 tonnes to 4,334 tonnes.

Total open interest declined by 86 tonnes to 7,012 tonnes. June open interest fell by 473 tonnes to 1,520 tonnes. July and August moved up by 346 tonnes and 41 tonnes, respectively.

Domestic demand continues to be good and it is met by moving out material from Coorg to North Indian markets while at least three tonnes of black pepper is transported daily from Kerala’s Idukki district to Tamil Nadu, where there is no duty on pepper.

Spot prices, in tandem with the futures market trend, moved up by Rs 100 to close at Rs 12,500 (un-garbled) and Rs 13,000 (MG 1) a quintal.

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