The Hindu Business Line : Pepper futures fall sharply on selling pressure

Pepper futures on Friday fell sharply on selling pressure. Processors were selling directly in the national exchanges while position holders were liquidating and switching over to nearby positions as the number of working days in November is getting reduced.

As the futures started falling, sellers holding old stocks were liquidating in the primary markets. To cash in on the situation, buyers were quoting less, market sources told Business Line. About 60-75 tonnes of farm grade pepper were reportedly traded.

November contract on NCDEX dropped by Rs 275 to close at Rs 14,798 a quintal. December and January fell by Rs 274 and Rs 242 respectively to close at Rs 14,990 and Rs 15,192 a quintal. Total turnover dropped by 606 tonnes to close at 7,472 tonnes. Total open interest moved up by 293 tonnes to 11,075 tonnes. November open interest dropped by 99 tonnes to 3,696 tonnes while that of December and January moved up by 318 tonnes and 72 tonnes respectively.

Indian parity in the international market remained competitive on Friday at $3,325 a tonne (c&f). The strengthening of the rupee against the dollar contributed to a higher parity.

Spot prices, however, remained unchanged at previous levels of Rs 14,200 (un-garbled) and Rs14,700 (MG 1) a quintal. An overseas report said “most origins were unchanged with buyers not showing any interest.”

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