Bulls Help Pepper Futures Gain

Kochi: Pepper futures market moved up on Thursday on bullish activities creating artificial demand by intra-day operators.

Indian parity

Consequently, the Indian parity has gone up to $3,625-3,650 a tonne (c&f) while the prices of all other origins remained unchanged.

However, currency factors said to have influenced Brazil and Indonesia who have offered at lower levels.

Indian pepper remained out-priced with no follow up from overseas market, market sources told Business Line.

Switch over

They said that people here were switching over to January. There was good domestic demand and the arrivals were very thin. December contract on NCDEX increased by Rs 363 a quintal on Thursday to Rs 13,429 from Rs 13,066 on Wednesday.

Other contracts

The increase in other contracts was from Rs 238 to Rs 411 a quintal.

On NMCE, December contract moved up Rs 309 a quintal to Rs 13,400 from Rs 13,091. The rise in other contracts was from Rs 165 to Rs 371 a quintal.

Total turnover on NCDEX went up 800 tonnes to 12,014 tonnes, while that on NMCE declined by 72 tonnes to 1,367 tonnes.

Open interest

Total open interest on NCDEX has declined by 51 tonnes to 18,845 tonnes. December position declined by 33 per cent while January moved up 48 per cent.

On NMCE, total open interest declined by 81 tonnes to 1,690 tonnes.

Spot prices in tandem with the futures market trend and good buying support moved up on Thursday by Rs 100 a quintal to close at Rs 12,800 (un-garbled) and Rs 13,400 (MG 1).