The Hindu Business Line : Pepper futures rise on buying support

Exporters were covering from exchange and exporting. Spot arrivals, meanwhile, were very limited with the material available only with the exchanges. In this situation the entire stock available with the exchanges might get exhausted, they said.

Vietnam prices have risen by $55 a tonne (f.o.b) on strong Chinese buying interest. It has offered 500 GL at $3,355 a tonne (f.o.b) and 550 GL at $3,550 a tonne (fob). V Asta was quoted at $3,920 a tonne (f.o.b). Meanwhile, Brazil Asta was offered at $3,800 a tonne (f.o.b). In this scenario Indian pepper is highly competitive, paving the way for more orders coming to India, they said.

June contract on NCDEX matured and 1,717 tonnes of pepper was delivered. July contract moved up by Rs 283 a quintal on Thursday to Rs 14,438. The increase in other contracts was from Rs 291 a quintal to Rs 417. On NMCE July contract increased by Rs 286 to Rs 14,135. The rise in other contracts was from Rs 320 to Rs 325 a quintal.

Turnover drops

The total turnover on NCDEX dropped by 3,989 tonnes to 19,399 tonnes while on NMCE it declined by 909 tonnes to 1,800 tonnes. The total open interest on NCDEX increased by 976 tonnes to 22,939 tonnes. July position dropped by 342 tonnes to 7,425 tonnes while August increased by 1,211 tonnes to 12,122 tonnes.

On NMCE, total open interest declined by six tonnes to 2,581 tonnes. July position dropped by 48 tonnes to 1,658 tonnes.

Spot up

Spot prices in tandem with the futures market trend moved up by Rs 100 a quintal to close at Rs 13,500 (un-garbled) and Rs 14,100 (MG 1) on Thursday.