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Pepper futures on Monday shot up on bullish activities. All the contracts moved up sharply.
Long position holders were liquidating at the higher levels and buyers were ready to buy. Bull operators were not ready to switch over even though “ulata badla” was giving July cheaper, market sources told Business Line .
In fact, 1,234 tonnes of June pepper were liquidated and yet the market moved up and “it is the dramatic scenario of the market,” they said.
According to the trade, an estimated 250 tonnes of pepper have reportedly been deposited in the new warehouse of exchange in Kerala's Alappuzha district and it is also getting filled up.
Karnataka pepper
On the spot, Karnataka pepper continued to be cheaper and organised transporters were transferring the material to upcountry destinations, they alleged.
Meanwhile, traders here alleged that pepper going from Kerala to Mangalore for onward transportation by rail to Maharashtra and other North Indian markets, are being stopped by the tax men at border check posts alleging that the goods are being brought for sale in Kartnataka. “Interestingly, Kerala pepper is costlier,” the claimed.
The June contract on the NCDEX shot up by Rs 371 to close at Rs 29,561 a quintal. July and August contracts increased by Rs 498 and Rs 533, respectively, to close at Rs 29,322 and Rs 29,362 a quintal.
Total turn over
Total turn over soared by 5,746 tonnes to close at 8,512 tonnes. Total open interest fell by 1,137 tonnes to 13,022 tonnes.
June open interest dropped by 1,234 tonnes to 9,143 tonnes, while that of July and August moved up by 65 tonnes and 25 tonnes, respectively, to 2,689 tonnes and 852 tonnes.
Spot prices increased by Rs 200, in tandem with the futures market trend and buying interest to close at Rs 27,300 (ungarbled) and Rs 28,100 (MG 1) a quintal.
Indian parity in the international market was at $6,800 a tonne (c&f) and remained out priced. However, the firmer trend here has influenced the Vietnam market which, taking cues from the Indian market, was reportedly firmer today with FAQ 500 GL quoting $5,250 -$5,275 a tonne and FAQ 550 GL at $5,550 a tonne. V Asta is reportedly being quoted at $6,000-6,100 a tonne.
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