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The pepper market witnessed a mixed trend on Wednesday with the running contract, which matured today increased substantially, believed to be as part of an effort to converge with the spot prices, while the nearbys showed a decline.
There was good liquidation in Feb and switching over to Mar and Apr because of good badla. Some were liquidating Feb and switching over to nearbys, market sources told Business Line.
No activities were on the spot as all activities have come to a stand still following the call by all the trade unions to strike work today and tomorrow.
Feb contract on the NCDEX increased by Rs 335 a quintal to close at Rs 41,735. Mar and Apr dropped by Rs 10 and Rs 150 respectively to Rs 38,040 and Rs 36,355.
Total turn over decreased by 1,455 tonnes to 2,016 tonnes indicating fall in activities. Total open interest declined byt 15 tonnes to close at 3,380 tonnes.
Indian parity in the international market was at around $7,950 a tonne (c&f) for Feb while Mar was at around $7,200 and Apr at about $7,000 (c&f).
Overseas trend
According to an overseas report, pepper market in Vietnam was nearly steady while Brazil was reportedly requesting bids now.
Prices of different origins ($/tonne) C&F New York: Vietnam Asta: 6,925-6,975; Lampong 550g/l: 6,900 (fob), reportedly traded recently: Brazil Asta 6,600; Brazil B1 6,550; Brazil B2 6,200.
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