The Hindu Business Line : Pepper futures' surge continues

Vietnam is said to have quoted 500 GL (clean) at $2,575 a tonne (f.o.b.) and there were no sellers. In fact, all the origins are governed by Vietnam, market observers told Business Line.

Sellers in Vietnam are said to be reluctant to part with their produce; on the other hand harvesting has been delayed and as a result the arrivals there have not yet picked up, they added.

As the prices are moving up sharply, international buyers seem to be keeping away. Buyers are becoming nervous while the sellers are holding back. Brazil was reportedly quoting B Asta at $2,750 a tonne (f.o.b.).

Domestic demand also continued to be good and it was being met by direct buying from primary markets in Northern Kerala and Wayanad, they said.

Contracts gain

On NCDEX, the April contract moved up by Rs 86 a quintal to close at Rs 13,471 on Tuesday from Rs 13,385 on Monday. The increase in other contracts was from Rs 157-222 a quintal.

On NMCE, the April contract went up by Rs 234 a quintal to close at Rs 13,202 (Rs 12,968). The rise in other contracts was from Rs 117 to Rs 460 a quintal.

Turnover up

The total turnover on NCDEX went up by 8,899 tonnes to 51,176 tonnes, while on NMCE it moved up by 2,882 tonnes to 9,302 tonnes.

The total open interest on NCDEX declined by 504 tonnes to 28,395 tonnes.

The April position dropped by 1,069 tonnes while May and June increased by 308 tonnes and 235 tonnes, respectively to 13,507 tonnes and 4,140 tonnes.

The total open interest on NMCE moved up by 81 tonnes to 4,339 tonnes.

The April position on Tuesday was at 305 tonnes while May was at 2,737 tonnes.

Spot prices on good buying support shot up by Rs 400 a quintal to close at Rs 12,400 (un-garbled) and Rs 13,000 (MG 1) on Tuesday.