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G. K. Nair

Kochi , Oct. 4

Continued selling pressure in pepper futures resulted in further decline in the prices of all contracts on Wednesday.

October position on NCDEX dropped by Rs 197 to close at Rs 13,310 quintal, while on NMCE, it fell by Rs 220 to close at Rs 12,930.

The fall in all the other contracts on NCDEX was from Rs 41 to Rs 143 a quintal. On NMCE, it was from Rs 18 to Rs 299 a quintal.

Turnover up

The total turnover on NCDEX went up by Rs 7,361 tonnes to close at 33,858 tonnes from 26,497 tonnes on Tuesday. However, on NMCE, it declined by 419 tonnes to 6,233 tonnes from 6,652 tonnes.

The total open interest on NCDEX stood at 26,647 tonnes on Wednesday as against 26,823 tonnes on Tuesday, while in NMCE it was at 5,911 tonnes compared to 5,423 tonnes on Tuesday.

The outstanding position for October, November and December on NCDEX was 6,202 tonnes, 12,055 tonnes and 5,312 tonnes respectively, while on NMCE the outstanding position for December stood at 3,511 tonnes as against 3,071 tonnes on Tuesday. The exporters were, however, showing buying interest to cover from spot.

In the international market, the buyers seemed to have adopted a wait and watch strategy anticipating that the pepper prices might fall. But, since the physical material is in short supply, the prices are unlikely to fall in the producing countries.

Spot prices

There was not much selling pressure in the spot, so there was only a marginal drop in spot prices, not in tandem with that in the futures.

Spot prices declined by Rs 100 a quintal to close at Rs 12,200 (un-garbled) and Rs 12,600 (MG 1) on Wednesday.

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