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G.K. Nair

Kochi , Aug 21

The pepper futures market on Monday moved up on speculative buying support.

Messages from some analysts that prices are likely to move up to Rs 126 a kg, based on the upward movement pattern in `pennant formation' in the NCDEX graph, have influenced the market.

MNCs slow down

According to them, the futures market was turning to be firmer. But those who were buying spot and selling futures will have a tough time as they may have to pump in more money. MNCs and major national players are reported to have slowed down their activities, they said.

All futures contracts at the national exchanges moved up on Monday. The September contract increased by Rs 125 a quintal on NCDEX to close at Rs 10,618 (Rs 10,493), while on NMCE it went up by Rs 151 to close at Rs 10,540 (Rs 10,389).

The increase in other positions on NCDEX was Rs 143-196, while on NMCE it was Rs 164-314.

turnover

The total turnover on NCDEX increased by 8,984 tonnes to 20,645 tonnes. On NMCE it moved up by 1,498 tonnes to 3,822 tonnes.

The open interest on NCDEX stood at 23,051 tonnes (22,056 tonnes), while on NMCE it was 3,923 tonnes (3,878 tonnes).

The outstanding position on NCDEX for September and October was 7,375 tonnes and 11,500 tonnes respectively.

In the international market Brazil was selling aggressively at lower prices. B Asta was being sold at $1,800 a tonne, B1 550 GL at $1,650-1,675 and B2 500 GL at $1,650-1,675 f.o.b.

Meanwhile, Indonesian (Lampong Asta) pepper prices continued to rule high at $2,300 f.o.b. Indian parity was at $2,375 c.i.f.

Spot steady

Spot prices ruled steady at Rs 9,600 a quintal (un-garbled) and Rs 10,000 (MG 1) for want of domestic demand.

At the same time there was no selling pressure in major growing areas of Idukki and Wayanad in Kerala. In the north Indian markets, prices were ruling at below terminal market prices, the sources said.

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