The pepper market moved up on good buying support on Wednesday as was evident from the rise in open interest. Consequently, all the active contracts ended marginally higher.

More and more people are depositing in the exchange platform and, as a result, the stock position has increased to 3,613 tonnes as on October 3.

Meanwhile, those who are not able to reprocess and re-deposit their stocks which are maturing on October 5 have opted for selling at Rs10 below October delivery price. These stocks were covered by some new generation processors and that in turn has raised the open interest in Nov and Dec apart from raising the prices, market sources told Business Line .

Domestic demand from upcountry was not forthcoming as it is being met by supplies from Rajasthan at Rs 400-405 a kg, they said.

October contract on the NCDEX increased by Rs 65 to the last traded price (LTP) of Rs 43,500 a quintal. November and December went up by Rs 230 and 175 respectively to Rs 43,350 and 42,450 a quintal.

Turnover

Total turnover increased by 1,192 tonnes to 2,304 tonnes. Total open interest increased by 430 tonnes to 8,846 tonnes showing good additional buying and switching over.

October open interest increased by 294 tonnes to 5,303 tonnes while that of November and December went up by 513 tonnes and 124 tonnes respectively to 2,597 tonnes and 656 tonnes.

Spot prices remained unchanged at Rs40,000 (ungarbled) and Rs41,500 (garbled) a quintal in tandem with the futures market trend.

Indian parity in the international market was at $8,600 a tonne (c&f) and remained totally out priced, they said.

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