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G.K. Nair

Kochi, Nov. 4 Pepper futures on Wednesday witnessed high volatility as bull and bear operators were active and closed lower.

Investors were buying spot and selling futures. Domestic demand was slow. There was some selling pressure as people in Kerala’s southern districts were said to be coming in to sell. However, as there were indications of the onset of the North-East Monsoon on Wednesday, the sentiments of growers and dealers in the primary markets may change, trading sources told Business Line.

According to market sources, 75 tonnes of farm-grade pepper and 25 tonnes of NCDEX exchange-delivered pepper were traded on Wednesday. However, the high volatility in the futures market is negatively affecting the confidence of the people, they said.

November contract dropped by Rs 121 to close at Rs 15,250 a quintal. December and January fell by Rs 130 and Rs 92, respectively, to close at Rs 15,440 and Rs 15,565 a quintal.

Turnover went up by 1,138 tonnes to close at 10,101 tonnes. Open interest moved up by 195 tonnes to 10,692 tonnes. November open interest dropped by 428 tonnes, December open interest increased by 605 tonnes and January open interest moved up by 13 tonnes.

Spot prices remained unchanged at the previous levels of Rs 14,400 (un-garbled) and Rs 14,900 (MG 1) a quintal.

Indian parity in the international market on Wednesday was at Tuesday’s levels of $3,400 a tonne (c&f) despite the decline in the futures market as the rupee strengthened marginally against the dollar.

According to an overseas report, Indonesia (Lampong Asta), Brazil and India prices were firmer.

More Stories on : Spices & Condiments | Kerala

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