The Hindu Business Line : Pepper futures rebound on buying support

The industry needs to cover for the third quarter and those who do it now may be safer, as otherwise they may have to pay through their nose later, they claimed.

The reported decline in prices in other origins was for the lower grades of pepper, they said.

On the international market different versions were emanating from different quarters, they said.

Vietnam price

Some reports on Tuesday said that 500 GL Vietnam has fallen to $3,300 a tonne (f.o.b.), while others said that it was down to $3,450 a tonne (f.o.b). Yet another report said the prices dropped marginally.

According to them, if the quantity restrictions on nearby positions were not made applicable to the genuine operators then it would help the market, failing which they might withdraw and that would not be in the interest of the trade.

FUTURES MOVE UP

June contract on NCDEX increased by Rs 339 a quintal to Rs 14,127

The increase in other contracts was from Rs 203 to Rs 318 a quintal.

On NMCE, June contract moved up by Rs 322 a quintal to Rs 13,740.

The rise in other contracts was from Rs 36 to Rs 295 a quintal.

Turnover up

The total turnover on NCDEX increased by 1,148 tonnes to 25,572 tonnes, while on NMCE, it moved up by 38 tonnes to 2,121 tonnes.

Open interest down

The total open interest on NCDEX declined by 64 tonnes to 27,043 tonnes. June position fell by 527 tonnes to 9,145 tonnes.

July and August moved up by 489 tonnes and 6 tonnes respectively to 11,499 tonnes and 4,466 tonnes.

On NMCE, total open interest moved up by 27 tonnes to 3,542 tonnes.

June position was at 2,529 tonnes, down by five tonnes.

Spot price

Spot prices increased by Rs 200 a quintal on Tuesday on buying support to close at Rs 13,800 (un-garbled) and Rs 14,400 (MG 1).