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G.K. Nair

Kochi , Nov. 7

Pepper futures moved up on buying support on Tuesday mainly from overseas markets.

Covering by exporters from the exchanges to meet their commitments has contributed to the upward swing in the futures market, observers told Business Line.

There was a good buying interest from overseas market as the Indian parity was at lower levels, they said.

The November contract on NCDEX increased by Rs 203 a quintal to close at Rs 10,510 on Tuesday. The increase in other positions except April was from Rs 182 to Rs 218 a quintal. April was down by a meagre Re 1.

On NMCE, November moved up by Rs 267 a quintal to close at Rs 10,200. The other positions went up by Rs 50 to Rs 206 a quintal.

Turnover drops

Total turnover on NCDEX dropped by 7,257 tonne to 22,422 tonnes. On NMCE, it fell by 1,457 tonnes to 4,423 tonnes.

The total open interest on NCDEX increased by 242 tonnes to 24,905 tonnes, while on NMCE, it moved up by 66 tonnes to 5,134 tonnes.

The outstanding position for November on NCDEX dropped by 148 tonnes to 5,819 tonnes, while that for December went up by 283 tonnes to 13,773 tonnes.

On NMCE, the outstanding position for December stood at 4,040 tonnes, an increase of 67 tonnes from the previous day close.

The spot prices moved up by Rs 100 a quintal on Tuesday to close at Rs 10,100 (un-garbled) and Rs 10,700 (MG 1).

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