The Hindu Business Line : Pepper futures turn volatile

Kochi, April 2 Pepper futures market on Wednesday increased on speculative activities. The market was highly volatile because of the sell calls in the early hours of trading and later followed by buy calls from the bull speculators.

The firm stand of the sellers in other origins in the prices might compel the operators in the US and Europe to start buying now.

India being competitive at $3,925 a tonne (c&f), there are chances that some demand might come to India for MG 1, market sources told Business Line.

Domestic demand was slow. Non issuance of notification reducing the announced CST rates has slowed down the activities in the market as “people are not ready to take any risk”, they said.

According to overseas reports the pepper prices in all other origins ruled steady. Vietnam was offering 500 GL at $3,450-3,550 a tonne (f.o.b.).

Indonesia was quoting L Asta at $4,000-4,050 a tonne (f.o.b.) while Brazil was offering B1 at $3,700 a tonne (f.o.b.) and 500 GL at $3,600 a tonne.

CONTRACT POSITION

April contract on NCDEX on Wednesday by Rs 256 a quintal to Rs 14,790. The increase in other contracts was from Rs 251 to Rs 295 a quintal.

On NMCE, April contract moved up by Rs 238 a quintal to Rs 14,701. The increase in other contracts was from Rs 20 to Rs 326 a quintal.

Total turnover on NCDEX moved up by 583 tonnes to 6,303 tonnes, while that on NMCE increased by 780 tonnes to 1,342 tonnes.

Total open interest on NCDEX went up by 62 tonnes to 18,454 tonnes. April position dropped by 40 per cent, while May and June moved up by 49 per cent and 9 per cent respectively. On NMCE, total open interest went up by 67 tonnes to 2,094 tonnes.

Spot prices continued to rule steady at previous levels of Rs 14,100 (un-garbled) and Rs 14,700 (MG 1) a quintal on Wednesday.

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