Bears Pull Down Pepper Futures A Tad

Kochi: Pepper futures market which has been on an upward swing in the past few days declined marginally on Thursday on bearish activities.

High volatility was witnessed on the market exhibiting the muscle power of both bulls and bears, market observers alleged.

On Friday on account of Id-ul Fitr.

Vietnam was offering FAQ 500 GL at $3,190 a tonne and 550 GL at $3,370 a tonne (f.o.b.). Brazil has offered B1 at $3,100-3,200 a tonne (f.o.b.). Its Asta grade for October/December was being offered at $3,300-3,400 at tonne (f.o.b.) Belem.

Contract position

October contract on NCDEX declined by Rs 36 a quintal on Thursday to Rs 13,730.

The drop in other contracts except April was from Rs 21 to Rs 74 a quintal. April contract went up by Rs 290 a quintal to Rs 15,300.

On NMCE, October contract dropped by Rs 120 a quintal to Rs 13,330. The fall in other contracts except March was from Rs 46 to Rs 77 a quintal.

March contract moved up by Rs 141 a quintal to Rs 15,025.

Turnover

Total turnover on NCDEX dropped by 1,153 tonnes to 30,038 tonnes, while that for October fell by six per cent. November turnover increased by 78 per cent, while December fell by 14 per cent.

On NMCE, total turnover declined by 224 tonnes to 4,156 tonnes.

Spot prices on good domestic buying support increased by Rs 200 a quintal on Thursday to close at Rs 13,200 (un-garbled) and Rs 13,800 (MG 1).