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G.K. Nair

Kochi, Dec. 21 Pepper futures market on Friday shot up by Rs 278–447 a quintal on withdrawal of additional margins by the Regulator from December 24 coupled with rumours that nearby month position will be relaxed.

However, activities were limited as there were no buyers from overseas because of availability of the commodity cheap in other origins.

On other hand, “we don’t have much pepper to offer to the international market”, market observers told Business Line.

Indian parity is at $3,500-3,550 a tonne (c&f) while Indonesia and Brazil are much cheaper, they said.

Because of the high prices here an estimated 4,000 tonne of Indonesian pepper is said to have been contracted by Indian processing industry and it is expected to land in the coming weeks, they said.

Domestic demand is in full swing and it is met directly from the primary markets by evading tax, they alleged.

December contract on NCDEX matured on Friday and 454 tonnes of pepper was delivered. January contract increased by Rs 278 a quintal to close at Rs 13,310 from Rs 13,032 on Thursday. The increase in other contracts was from Rs 375 to Rs 447 a quintal.

On NMCE January contract went up by Rs 287 a quintal to close at Rs 13,233 from Rs 12,946. The increase in other contracts was from Rs 150 to Rs 315 a quintal.

Total turnover on NCDEX went up by 2,217 tonne to 11,978 tonne. January turn over dropped by 42 per cent while that of February moved up by 50 per cent.

On NMCE total turnover moved up by 429 tonne to 1,054 tonne.

Total open interest on NCDEX increased by 222 tonne to 17,984 tonne. January position dropped by 40 per cent while February moved up by 43 per cent.

On NMCE total open interest moved up by 13 tonne to 1,412 tonne.

Spot prices remained at previous levels at Rs 12,600 (un-garbled) and Rs 13,200(MG 1) on Friday.

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NCDEX scraps additional margins

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