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G.K. Nair

Kochi , Sept. 26

Pepper futures market shot up on high speculative activities, allegedly by market manipulators.

The futures prices, which fell sharply on Monday, soared on Tuesday on bullish activities without any change in the fundamentals.

The October position on NCDEX shot up by Rs 751 a quintal to close at Rs 14,085, while on NMCE it went up by Rs 667 a quintal to close at Rs 13,875.

The increase in other contracts on NCDEX was from Rs 824 to Rs 991 a quintal, while on NMCE it was from Rs 528 to Rs 877 a quintal.

The total turnover on NCDEX increased by 33,766 tonnes to 79,135 tonnes. On NMCE, it went up by 4,461 tonnes to 13,875 tonnes.

Open interest drops

The total open interest on NCDEX dropped by 991 tonnes to 27,796 tonnes from 28,787 tonnes. On NMCE, it fell by 82 tonnes to 5,390 tonnes from 5,472 tonnes.

The open position for October dropped by 960 tonnes to 7,682 tonnes, while that of November fell by 399 tonnes to 12,808 tonnes. Meanwhile, the December open position increased by 401 tonnes to 4,222 tonnes.

October open position on NMCE also fell by 277 tonnes to 2,366 tonnes, while December position increased by 176 tonnes to 2,418 tonnes.

According to trading sources here, aggressive daily market manipulations are restricting exporters from venturing into export contracts with overseas buyers. Therefore, the regulator should closely monitor such activities and bring in some control.

Prices of Indonesia and Vietnam were reportedly steady. Indonesia was quoting at $3,400 - $3,450 a tonne (c&f) while the Indian parity at November delivery prices stood at $3,425 - $3,450 a tonne (c&f). Brazil is said to have been reworking its old contracts entered into at very low prices earlier. Brazil reportedly is offering now at $2,850 a tonne (f.o.b).

Spot prices moved up on Tuesday by Rs 100 a quintal to close at Rs 12,500 (un-garbled) and Rs 12,900 (MG 1).

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