Pepper Future Regains

Kochi: Pepper futures market, after continuous fall in the past few weeks, recovered during the week with the prices showing an increase on all the contracts ranging from Rs 554 to Rs 1,069 a quintal. On NCDEX the increase was from Rs 913 to Rs 1,069 a quintal while on NMCE it was from Rs 554 to Rs 1,064 a quintal. Total turnover on NCDEX increased by 6,900 tonnes to 79,784 tonnes during the week while that on NMCE went up by 2,096 tonnes to 7,074 tonnes. Total open interest on NCDEX moved up by 269 tonnes to 20,152 tonnes while that for October dropped by 1,845 tonnes during the week. On NMCE also open interest increased by 177 tonnes to 2,179 tonnes during the week. Spot prices in tandem with the futures market trend increased by Rs 400 a quintal during the week to 12,100 (un-garbled) and Rs 12,700 (MG 1). Vietnam prices ruled firm with no offers for Asta grade.

India continues to remain still competitive. Besides, with the dollar versus other currencies remaining weak non-US dollar purchasers, such as the dealers in Europe, reported to have resorted to buying at reasonable prices during the past 10 days. In India, trading at the commodity exchange displayed some activities particularly for November and December contracts and prices increased at the week's close. In Vietnam prices were quite stable at VND 49,000 a kg for local purchases, $3,150 a tonne (fob) for black 500 GL and $3,300 a tonne (fob) for black 550 GL. The market for white pepper was also quiet. In Bangka local price eased marginally to around IDR 37,000 a kg from IDR 38,000 a kg last week.