Pepper Futures Down On Pessimistic Activities

Kochi: The pepper futures market on July 9, saw sharp decline on aggressive bearish activities despite the fundamentals in the world market remaining strong. The current bearish trend has resulted in the futures ruling below spot prices. International purchasers were showing interest to purchase but the exporters were said to be not in a position to make any commitment as they fear that they might not be able to cover and the material is not available in spot. July contract on NCDEX on July 09, declined by Rs 388 a quintal to close at Rs 14,271 from Rs 14,659 on last July 7. The decline in other contracts was from Rs 290 to Rs 465 a quintal.
The July contract on NMCE dropped by Rs 405 a quintal to close at Rs 13,911 from Rs 14,316. The total turnover on NCDEX moved up by 4,986 tonnes to 18,085 tonnes, while on NMCE it went up by 450 tonnes to 1,407 tonnes. The total open interest on NCDEX moved up by 69 tonnes to 24,670 tonnes. July position fell by 182 tonnes to 3,129 tonnes, while August declined by 150 tonnes to 14,561 tonnes. September went up by 273 tonnes to 4,028 tonnes. On NMCE the total open interest moved up by 73 tonnes to 2,862 tonnes. Spot prices in tandem with the downward trend in the futures market fell by Rs 200 a quintal to close at Rs 13,800 (un-garbled) and Rs 14,400 (MG 1) on July 10.