The Hindu Business Line : Poor buying support hits pepper futures

August contract on Thursday on NCDEX dropped by Rs 104 to close at Rs 10,025 a quintal. On NMCE, September contract fell by Rs 80 to close at Rs 10,200.

The decline in other positions at NCDEX was from Rs 50 to Rs 104 a quintal, while on NMCE, it was from Rs 54 to Rs 150 for all positions except February, which was up by Rs 30 a quintal.

The total turnover on NCDEX also dropped by 2,271 tonnes to 16,206 tonne from 18,477 tonnes on Wednesday. On NMCE, it fell by 172 tonnes to 4,497 tonnes from 4,669 tonnes.

Open interest

The total open interest on NCDEX was 23,924 tonnes as against 23,972 tonnes, while on NMCE it was 3,797 tonnes compared with 3,813 tonnes on Wednesday.

The outstanding position for August, September and October on NCDEX was 2,331 tonne, 8,129 tonne and 9,446 tonne respectively.

According to market sources, in the international market buying interest was seen for Brazil pepper, as it was selling at low prices. It was offering B1 (550 GL) at $1,825-$1,850 and B2 (500 GL) at $1,725-$1,750 a tonne (f.o.b) while resellers were offering B Asta at $1,825-$1,850 (f.o.b). However, they were said to be not quoting B Asta.

The difference between the Brazil price and that of other origins continued to be wide.

As there was no buying support for the spot, its prices also dropped by Rs 100 a quintal to close at Rs 9,400 (un-garbled) and Rs 9,800 (MG 1 ) a quintal on Thursday.

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