Purchasing Support Assists Pepper Futures Recover

Kochi: Indian pepper future regained back on Oct 3, after continuous fall for several days on good buying support and squeeze in physical availability. Besides, reports of low crop in Brazil than what had been hoped and fell in arrivals and consequent slow down in offerings have also contributed to the upward swing. Brazil, which was offering at low prices, is reportedly in a mood to push up the prices. October contract on NCDEX shot up on Wednesday by Rs 474 to Rs 12,323. The increase in other contracts was from Rs 369 to Rs 604 a quintal. Total turnover on NCDEX increased by 5,063 tonnes to 15,684 tonnes, while that for October and November increased by 15 and 70 per cent respectively. On NMCE, total turnover increased by 791 tonnes to 1,445 tonnes. Total open interest on NCDEX dropped by 658 tonnes to 19,341 tonnes.