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G K Nair

Kochi June 4 Pepper futures market declined on strong rumours that Vietnam prices have fallen sharply on Monday.

Add to this interested parties in Europe who wanted to cover are also spreading such rumours.

Besides, the declining trend in the futures market here is influencing the international market besides sending out wrong signals.

Here, huge June position is creating problems as the players are switching over to later positions.

Investors and National Cooperatives were ready to buy NCDEX delivered at July price of Rs 14,360 a quintal. Add to this, "strong rupee against dollar is pushing our parity out," market sources told Business Line.

The uncertainty over the quantity restrictions on near month position is also creating problems in the market. In fact, genuine parties should be exempted from the latest revision on the nearby positions, they said.

Vietnam price

Vietnam price, according to unconfirmed reports, for 500 GL was at $3,550 a tonne (f.o.b), while rumours spread that it was at $3,350 a tonne (f.o.b). Indian parity was at $3,800-3,850 a tonne (c&f).

FUTURES DECLINE

June contract on NCDEX fell by Rs 91 a quintal on Monday to close at Rs 13,786.

The drop in other contracts was from Rs 99 to Rs 148 a quintal.

On NMCE June decreased by Rs 93 to close at Rs 13,460 from Rs 13,553 a quintal.

The fall in other contracts was from Rs 169 to Rs 314 a quintal.

Turnover up

The total turnover on NCDEX increased by 7,542 tonnes to 24,424 tonnes, while on NMCE it shot up by 15,355 tonnes to 16,775 tonnes.

Open interest

The total open interest on NCDEX moved up by 164 tonnes to 27,107 tonnes.

June position, however, fell by 543 tonnes to 9,672 tonnes, while July and August increased by 468 tonnes and 185 tonnes respectively to 11,010 tonnes and 4,460 tonnes.

On NMCE, total open interest declined by 663 tonnes to 2,083 tonnes.

June position also declined by 58 tonnes to 2,534 tonnes.

Spot price

There was no selling pressure on spot.

The prices notwithstanding fell by Rs 100 a quintal to close at Rs 13,600 (un-garbled) and Rs 14,200 (MG 1) on Monday.

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