Pepper future declines on market uncertainty

Kochi: Pepper futures market saw a fall on June 12, on continued uncertainty over the quantity restriction on nearby position even as the maturity of the June contract was drawing near. Indian parity for MG 1 has dropped by $50 a tonne to $3,750 a tonne (c&f). As the futures market keeps on falling, overseas buyers have taken a wait-and-watch approach. June contract fell on NCDEX by Rs 201 a quintal on June 12, to Rs 13,821. All other contracts declined by Rs 96-308 a quintal. Spot prices in tandem with the futures market trend fell by Rs 100 a quintal to close at Rs 13,500 (un-garbled) and Rs 14,100 (MG 1) on June 12. Total turnover on NCDEX fell by 6,706 tonnes to 17,589 tonnes, while on NMCE, it dropped by 1,286 tonnes to 1,156 tonnes. Total open interest on NCDEX declined by 191 tonnes to 24,972 tonnes, while June position fell by 720 tonnes to 5,420 tonnes and July by 185 tonnes to 11,378 tonnes. On NMCE, total open interest increased by 254 tonnes to 4,354 tonnes. June position also improved by 130 tonnes to 2,409 tonnes.