Comments
Pepper futures continued to remain firm on buying support and bullish activities. However, the prices moved up marginally from the previous closing after the usual volatility.
Exporters were buying farm grade pepper. Sellers in Pulpally and Bathery in Wayanad needing funds were also showing interest to sell.
Investors were buying May and liquidating April. Bull operators, who had bought good chunk of the 2,500 tonnes from the “weak operators” who had taken delivery of it in February, were allegedly trying to make the market firmer so as to sell it.
Overseas
Overseas scenario is also said to be bullish with Vietnam offering lower grade at higher levels i.e., 500 GL at $4,640 and 500 GL cleaned at $4,950 a tonne while farm grade at $4,890 a tonne. Indonesia was said to be offering Lampong Asta grade at $5,250 a tonne.
There is also a feeling in some section that the arrivals will narrow down after April 14, market sources told Business Line . All these factors are aiding the bullish sentiments to keep the market firm, they said.
April contract on NCDEX moved up Rs 42 to close at Rs 23,714 a quintal. May moved up Rs 7 to close at Rs 23,974 while June dropped Rs 83 to close at Rs 24,226 a quintal.
Total turnover dropped by 1,599 tonnes to close at 6,690.
Open interest
Total open interest increased by 252 tonnes to 11,297 tonnes. April open interest declined 20 tonnes while that of May went up 263 tonnes to 1,878 tonnes showing good buying and June moved up nine tonnes to 198 tonnes.
Spot remained unchanged at Rs 22,100 (ungarbled) and Rs 22,900 (MG 1) on limited activities, they said.
Indian parity in the international market increased mainly due to strengthening of the rupee against the dollar to $5,400-5,425 a tonne (c&f) and remained nearly competitive with other origins, they said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.