Kochi: The pepper futures market, which has been seeing a fall for the last three days, increased on Aug 2, on some purchasing support and bullish activities. Reports that Vietnam has increased by $50 a tonne has also contributed to the upward move. Vietnam was offering 500 GL at $3,375 a tonne (f.o.b) while V Asta at $3,700 a tonne (f.o.b). Exporters were interested to cover at lower levels. Indonesian exporters had covered MG 1 from India. Harvesting in Brazil and Indonesia has started and yet the trend in the world market is bullish. Arrivals at the primary market were virtually nil, and as a result the operators in the primary market were finding it difficult to get replacement. The major contributor to the high volatility is the intra-day trade while the cartels are pulling down and pushing up the market.
August contract on NCDEX on Aug 2, increased by Rs 95 a quintal to close at Rs 13,655 from Rs 13,560 on Aug 1. The increase in other contracts was from Rs 107 to Rs 163 a quintal. On NMCE, August contract went up by Rs 89 a quintal to close at Rs 13,418 from Rs 13,329. September and October increased by Rs 87 and Rs 120 a quintal while December and January declined by Rs 87 and Rs 108 respectively. Total open interest on NCDEX increased by 313 tonnes to 25,563 tonnes. September and October went up by 250 tonnes and 185 tonnes to 13,151 tonnes and 3,871 tonnes respectively. Spot prices ruled firm at previous levels at Rs 13,500 (un-garbled) and Rs 14,100 (MG 1) a quintal on Aug 2.
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