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Pepper moved up on buying interest on Tuesday with two active contracts closing higher.
Arrivals were limited and they aided the market to surge. Meanwhile, reports of smaller crop in Indonesia and delay in re-opening of the market after the Ramadan holidays also influenced the market’s bullishness, market sources said.
Besides, there is a feeling that because of 25-30 per cent drop in output, farmers may not liquidate much in Indonesia.
On the spot, 22 tonnes pepper arrived, while 28 tonnes were traded at Rs 395.
In the international markets, no activities were reported. Europeans are on summer holidays. Overseas buyers are said to be waiting for the arrival of Indonesian crop.
August and October contracts on the NMCE increased by Rs 616 and Rs 300 respectively to Rs 42,200 and Rs 41,980 while September decreased by Rs 99 to Rs 42,106.
Total turnover dropped by four tonnes to 28 tonnes.
Total open interest fell by 14 tonnes to 53 tonnes.
Spot prices continued to rally and they rose by Rs 200 to close at Rs 39,500 (ungarbled) and Rs 41,500 (garbled) on tight availability amid good demand.
Indian parity in the international market was at $7,025 a tonne (c&f) Europe at $7,275 a tonne (c&f) US and remained out priced.
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