Pepper Future Witnesses Upward Trend

Kochi: The pepper futures market continued its race upward, on tight supply position and purchasing support. Exporters were covering, but they were said to be apprehensive of getting delivery following the reduction in the penalty structure. Indian parity purchased $3,850 a tonne (fob). Prices of other origins have also increased in tandem with the Indian futures market trend. Indonesia was offering at $3,850 a tonne (fob). October contract on NCDEX on Oct 10, increased by Rs 291 a quintal to close at Rs 13,719, from Rs 13,428 on Oct 9. The increase in other contracts was from Rs 337 to Rs 717 a quintal. On NMCE, October contract shot up by Rs 355 a quintal to close at Rs 13,490 from Rs 13,135. The total turnover on NCDEX increased by 7,629 tonnes to 31,191 tonnes while that for October, November and December went up by 9 per cent, 72 per cent and 16 per cent respectively.