Pepper Futures Decline Marginally

Kochi: Pepper futures continued its decline, albeit marginal, for the second day on Friday on bearish activities.

The market witnessed wild and wide fluctuations during the day with the bulls pushing up the prices and the bears pushing it down.

Big national cooperative institutions and the multinational companies were showing interest to buy NCDEX delivered MG1 at November delivery price, market sources told Business Line. This has created interest for spot pepper prices, which ruled steady.

In the international market not much activity was seen as all on Ramzan holiday mood, they said.

Indian parity was at $3,800-3,850 a tonne (c&f). Other origins are also slowly coming up to that level, they said. Brazil was reportedly firm on buying interest from European buyers. B Asta was being offered at $3,400 a tonne (f.o.b.) while B1 at $3,300 a tonne (f.o.b.). Indian players are reportedly active in Brazil to cover black pepper. They are trying to buy from Lampong also.

CONTRACT POSITION

October contract on NCDEX on Friday declined by Rs 38 a quintal to Rs 13,780 from Rs 13,818Other contracts, except March and April, declined by Rs 8 to Rs 81 a quintal. March and April moved up by Rs 15 and Rs 4 respectively.

On NMCE, October contract dropped by Rs 46 a quintal to Rs 13,425. Other contracts, except February, declined by Rs 8 to Rs 64 a quintal. February moved up by Rs 150 a quintal.

Total turnover on NCDEX dropped by 5,687 tonnes to 24,351 tonnes, while that for October, November and December fell by 6 per cent, 76 per cent and 14 per cent respectively.

On NMCE, total turnover fell by 1,187 tonnes to 2,969 tonnes.

Total open interest on NCDEX moved up by 21 tonnes to 21,643 tonnes. October position dropped by 16 per cent, while November and December moved up by 45 per cent and 27 per cent respectively

On NMCE total open interest declined by 56 tonnes to 2,419 tonnes. October position fell by 18 tonnes to 744 tonnes.

Spot prices on buying support went up by Rs 200 a quintal on Friday to close at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1).