Kochi: Pepper futures market after witnessing wild and wide fluctuations during the day closed below Monday’s levels. The bulls and bears were seen competing to push up and pull down the prices.
There was no selling pressure on spot. Stocks at the exchanges were coming down. Nobody was ready to sell as the availability was only at the exchange. None was interested in taking short positions also.
Compared to last week, there was a lull in the domestic market demand but it is expected to pick up in the coming days as buying for Diwali would commence.
The international market witnessed no activity. Indonesia remains closed on account of Ramzan. Brazil was quoting B Asta at $3,400 a tonne (f.o.b) Belem and B-1 $3,300 a tonne (f.o.b) Belem.
Vietnam continued to remain firm with marginal fluctuations. It was offering 500 GL at $3,170 a tonne (f.o.b) and 550 GL at $3,350 (f.o.b). Indian parity was at $3,800- $3,850 a tonne (c&f).
Contract position
October contract on NCDEX on Tuesday remained unchanged at Rs 13,833 a quintal. All the contracts except December and January dropped by Rs 46 to Rs 133 a quintal. December and January moved up by Rs 104 and Rs 99 a quintal respectively.
On NMCE, October contract matured and 369 tonnes of pepper were delivered. All the other contracts fell by Rs 81 to Rs 225 a quintal.
Total turnover on NCDEX increased by 6,850 tonnes to 24,585 tonnes, while that on October, November and December moved up by 3 per cent, 76 per cent and 18 per cent respectively.
On NMCE, total turnover went up by 302 tonnes to 2,109 tonnes.
Total open interest on NCDEX moved up by 58 tonnes. October and November positions dropped by 12 per cent and 44 per cent respectively, while December went up by 32 per cent.
On NMCE, total open interest declined by 137 tonnes to 1,561 tonnes. (October matured and 369 tonne delivered.)
Spot prices ruled steady at previous levels on Tuesday at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) a quintal.
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