The Hindu Business Line : Vietnam trend props up pepper futures

However, some sort of uncertainty was seen on the futures market following the "sudden revision of open position for nearby month" for the members and the clients by the NCDEX on the direction of the FMC, market sources here told Business Line. "Abruptly doing this kind of changes would be harmful," they said. This phenomenon is also said to have affected the futures market trend, they said.

On NMCE, total open interest dropped by 1,492 tonnes to 3,498 tonnes. May position fell by 1,450 tonnes to 387 tonnes while June by 33 tonnes to 2,573 tonnes.

Spot prices in tandem with the futures market trend moved up by Rs 100 a quintal on Monday to close at Rs 14,300 (un-garbled) and Rs 14,900 (MG 1).

NCDEX has revised the commodity level limit for pepper for members to 1,500 tonnes or 15 per cent of market wide O1, whichever is higher on a real time basis, while for clients it would be 500 tonnes. These changes in the position limits would be applicable from "beginning of June 16".

Also, near month level limit has been revised to 300 tonnes for member and 100 tonnes for client, and would be applicable to July 2007 contracts onwards.

May contract on NCDEX moved up by Rs 35 a quintal on Monday to close at Rs 14,950on last Saturday. The increase in other contracts was from Rs 61 to Rs 179 a quintal.

On NMCE, May contract increased by Rs 103 a quintal to close at Rs 14,699. The increase in other contracts except October was from Rs 13 to Rs 228 a quintal. October contract dropped by Rs 102 to close at Rs 16,500 a quintal.

Turnover

The total turnover on NCDEX moved up by 5,496 tonnes to 25,833 tonnes while on NMCE it went up by 1,068 tonnes to 2,830 tonnes.

The total open interest on NCDEX dropped by 871 tonnes to 28,424 tonnes. May position fell by 691 tonnes to 2,682 tonnes, while June declined by 277 tonnes to 18,581 tonnes. July moved up by 137 tonnes to 3,758 tonnes.

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