Pepper futures, after remaining highly volatile as usual consequent to the tug of war between the bull and bear operators, moved up marginally on good buying support at Wednesday's close.

Exporters and Tamil Nadu-based dealers were buying high-range pepper at a premium. Exporters stocking imported Vietnam pepper were allegedly buying high range bulk density pepper from Idukki's Rajakumari area at prices in the range of Rs 280 and Rs 284 a kg for mixing with the imported material. There were very few sellers of spot pepper; hence, there was no selling pressure.

However, on the exchange platform, good additional buying was seen. The turnover and open interest moved up significantly, market sources told Business Line.

Aug contract on the NCDEX went up by Rs 107 to close at Rs 29,347 a quintal. September and October were up by Rs 35 and Rs 78 respectively to close at Rs 29,736 and Rs 30,178 a quintal.

Turnover

Total turnover increased by 4,184 tonnes to close at 8,268 tonnes. Total open interest rose by 604 tonnes to close at 15,422 tonnes showing good additional buying. Aug open interest dropped by 97 tonnes to 9,425 tonnes while that of Sep and Oct increased by 636 tonnes and 62 tonnes respectively to close at 4,752 tonnes and 1,051 tonnes. Spot prices moved up by Rs 100 to close at Rs 27,900 (ungarbled) and Rs 28,900 (MG 1) a quintal on buying support.

Domestic buying has been slow but it is expected to pick up after the Nagapanchami tomorrow, they said.

Indian parity in the international market was at $6,875 - $6,900 a tonne and remained out priced at the moment.

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