The Hindu Business Line : Pepper futures down on selling pressure

Pepper futures declined on selling pressure, even though the international market ruled firm. Market remained highly speculative. Buying ready and selling futures was seen.

Due to Onam holidays there was increased arrivals in the terminal market and the selling pressure has added pressure on the futures market, market sources told Business Line.

All the futures contracts witnessed a decline on Wednesday. September position dropped by Rs 151a quintal on NCDEX to close at Rs 11,520 from Rs 11,671 on Tuesday. On NMCE, it fell by Rs 162 to close at Rs 11,400 a quintal from Rs 11,562.

The drop in other positions on NCDEX was from Rs 125 to Rs 172 a quintal, while on NMCE it was from Rs 40 to Rs 219.

Turnover

The total turnover on NCDEX on Wednesday went up by 2,411 tonnes to close at 47,076 tonnes from 44,665 tonnes on Tuesday. On NMCE, it moved up by 124 tonnes to 8,387 tonnes from 8,263 tonnes.

The total open interest on NCDEX stood at 25,772 tonnes against 25,368 tonnes, while on NMCE it was at 4,837 tonnes compared to 4,802 tonnes.

The outstanding position for September and October at NCDEX was 3,765 tonnes and 16,311 tonnes, respectively.

The international market continued to rule firm with Lasta being offered at $2,650 a tonne, while B Asta was being sold at 2,200 a tonne (f.o.b), B1 at $2,150 and B2 2,100 a tonne (f.o.b). Indian parity was above the Lampong Asta level.

Spot prices ruled steady at the previous level of Rs 10,500 (ungarbled) and Rs 10,900 (MG 1) a quintal on Wednesday.