Pepper future bounce on Govt's assurance

Kochi: Pepper futures rebounded back on June 18, on reports that the Union Consumer Affairs Ministry has assured the jeera and pepper trade that it will look into their demands at a high-level meeting convened by it with Forward Markets Commission officials and Product Committee members in New Delhi. The speculative cartels of the bear lobby, which is manipulating the market through intra-day trade involving hundreds of tonnes of pepper, do not seem to permit the investors and exporters to enter the market in a big way and use the hedging facility. Vietnam was slightly lower for FAQ 500 GL at $3,250-$3,270 a tonne (f.o.b) while 550 GL at $3,500 tonne (f.o.b).

June contract on NCDEX on June 18, increased by Rs 377 a quintal to close at Rs 13,695 from Rs 13,318 last June 16,. The increase in other contracts was from Rs 442 to Rs 563 a quintal. On NMCE, July contract increased by Rs 383 a quintal to close at Rs 13,800 from Rs 13,417 at close last weekend. The increase in other contracts was from Rs 320 to Rs 576 a quintal. Total turnover on NCDEX also increased by 15,868 tonnes to 24,533 tonnes on Monday while on NMCE it increased by 1,620 tonnes to 2,283 tonnes. Total open interest on NCDEX declined by 199 tonnes to 23,346 tonnes. June and July positions fell by 608 tonnes and 819 tonnes respectively to 2,309 tonnes and 9,331 tonnes. On NMCE, total open interest moved up by 62 tonnes to 2,367 tonnes.