The Hindu Business Line : Pepper futures continue to rise

The upward trend continued on Tuesday in the pepper futures market as the cooperative bodies have shown interest to buy NMCE contracts at higher rates. Besides, a tight position prevailed on supply. Spot sellers were also very limited.

In the international market, buyers are waiting. However, some business is taking place. As Vietnam continued to offer at prices higher than that of India, there is a possibility that those in the European market and the US, looking for quality products at competitive rates, might come to India, market sources told Business Line. "Overall the market is bullish now," they said.

July contracts were up by Rs 57 a quintal on NCDEX to close at Rs 7,025 from Rs 6,968 on Monday, while on NMCE it wentup by Rs 107 to 7,060 a quintal from Rs 6,953.

Other positions on NCDEX were up by Rs 59 to Rs 87 a quintal, whereas on NMCE it increased by Rs 51 to Rs 105.

Turnover up

The total turnover on NCDEX was 4,845 tonnes against 4,825 tonnes on Monday, while on NMCE it was 495 tonnes compared with 563 tonnes on Monday. The open interest on NCDEX was down by 223 tonnes to15,174 tonnes from 15,397 tonnes. On NMCE, it moved up by 62 tonnes to 2,125 tonnes from 2,063 tonnes.

The outstanding position for July and August on NCDEX was 5,615 tonnes and 4,799 tonnes respectively on Tuesday.

Very limited spot selling pushed up the prices by Rs 50 a quintal to Rs 6,700 (un-garbled) and Rs 7,100 (MG 1) a quintal on Tuesday.