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G K Nair

Kochi, Sept. 21 Pepper futures market declined on Friday on bearish activities despite the international market remaining steady to firm.

Exporters have made commitments for October–February and 60 to 70 per cent would be committed stock, while the rest would have to come from the primary markets, market sources told Business Line.

On maturity, NCDEX delivered 1,573 tonne. The stock held by NCDEX is 5,000 tonne, while NMCE 2,500 tonne, they said.

However, contrary to expectations the domestic market was sluggish. Consequently, the market did not pick up even though the Indian parity is the cheapest and competitive.

FMC has not taken any decision on the quantity restrictions for the nearby month position, which is restricting exporters from taking position. October position is also getting squeezed, they said.

Since Vietnam is no longer an aggressive seller the Indian exporters are at advantageous position.

In the international market Brazil moved up Asta grade to $3,400 a tonne (f.o.b.). Vietnam was also up and offering V Asta at $3,550 a tonne (f.o.b.), while Indonesia was at $3,500 a tonne (f.o.b.). Indian parity remained at $3,350 a tonne (f.o.b.).

October contract on NCDEX declined by Rs 59 a quintal on Friday to close at Rs 12,179 from Rs 12,238 on Thursday. The drop in other contracts except March was from Rs 57 to Rs 94, while March moved up by Rs 51 a quintal.

On NMCE October contract fell by Rs 120 a quintal to close at Rs 12,015 from Rs 12,135. The drop in other contracts, except March, was from Rs 19 to Rs 110 a quintal. March moved up by Rs 33 a quintal.

Total turnover on NCDEX fell by 7,769 tonne to 8,645 tonne, while that for October fell by 6,753 tonne and November by 582 tonne.

On NMCE total turnover moved up by 46 tonne to 1,177 tonne.

Total open interest on NCDEX moved up by 103 tonne to 19,479 tonne. October position declined by 45 per cent, while November moved up by 35 per cent.

On NMCE total open interest went up by 29 tonne to 1,875 tonne. October position declined by 13 tonne to 1,179 tonne.

Spot prices ruled steady at previous levels on Friday at Rs 11,800 (un-garbled) and Rs 12,400 (MG 1) a quintal.

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