The pepper market shot up on strong domestic demand amid limited availability on Friday. All the contracts closed above the previous day’s closing.
Spot pepper availability was tight as was evident from the arrivals which have not picked as anticipated. Eight tonnes of fresh pepper arrived and the entire quantity was sold out at Rs 365-385. There is good demand for heavy pepper i.e. of high bulk density material, but it was not available, market sources told Business Line.
On the India Pepper and Spice Trade Association (IPSTA) platform, 20 tonnes of pepper were traded today. Closing prices there for January, February and March were Rs 39,570, Rs 36,611 and Rs 36,019 a quintal respectively, market sources said.
February contract on the NCDEX increased by Rs 405 a quintal to close at Rs 35,315 a quintal. March and April deliveries were also up by Rs 235 and 75 respectively a quintal to close at Rs 34,235 and 33,915 a quintal.
Total turnover rose by 667 tonnes to close at 2,310 tonnes. Totlal open interest decreased by 99 tonnes to 3,622 tonnes.
February open interest fell by 103 tonnes to close at 2,704 tonnes while that of March declined by 11 tonnes to 684 tonnes. April open interest moved up by 15 tonnes to 212 tonnes.
Spot prices on good buying support amid limited supply increased by Rs 200 a quintal to close at Rs 37,300 (ungarbled) and Rs 38,800 (MG1) a quintal.
Indian parity in the international market was at $7,300 a tonne (c&f) at spot prices for Jan and $6,700 a tonne (c&f) at Feb prices, they said.