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G K Nair

Kochi , Nov. 10

The pepper futures market moved up on Friday after a sharp fall on Thursday on buying interest.

November contract on NCDEX increased by Rs 174 a quintal on Friday to close at Rs 10,750.

The increase in other positions was from Rs 57 to Rs 170 a quintal.

On NMCE, November contract declined by Rs 10 to close at Rs 10,300 a quintal. However, December was up by Rs 141 a quintal and closed at Rs 10,562 from Rs 10,421 while March moved up by Rs 70 to close at Rs 11,000 from Rs 10,930.

February fell by Rs 140 to close at Rs 10,900 from Rs 11,040. January and April remained unchanged.

Turnover drop

The total turnover on NCDEX dropped by 208 tonnes to 24,623 tonnes, while on NMCE it was at 5,429 tonnes on Friday against 5,427 tonnes on Thursday.

The total open interest on NCDEX moved up by 44 tonnes to close at 23,570 tonne, while on NMCE it increased by 237 tonnes to 5,333 tonnes.

The outstanding position for November on NCDEX fell by 289 tonnes to 4,771 tonnes, while December increased by 356 tonnes to 13,232 tonnes whereas that for December on NMCE went up by 158 tonne to 4,065 tonnes.

Meanwhile, as per the directives of the Forward Markets Commission, the NCDEX, with effect from the beginning of the day on Friday, has reduced the limit on the daily price fluctuation in all currently traded futures contracts in Black Pepper from (6 per cent +3 per cent) = 9 per cent to (4 per cent + 2 per cent) = 6 per cent with a cooling-off period of 15 minutes at the four per cent level.

The prices have been fluctuating wild and wide during the past few weeks without any rime and reason and, therefore, it is a welcome decision, market sources told Business Line.

Spot prices also moved up by Rs 100 a quintal to close at Rs 10,300 (un-garbled) and Rs 10,900 (MG 1) a quintal on Friday.

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