Kochi: Pepper futures market shot up on tight supply and good buying support on Friday. January contract went up by Rs 442 a quintal while February by Rs 494 a quintal.
Bull operators were aggressively active. As the futures were going up investors were buying spot and selling futures. Buy calls from technical analysts of the brokers also contributed to the upsurge, market observers told Business Line.
Meanwhile, the arrivals at the terminal market of the new crop were not showing any signs of picking up. There is good domestic demand because of the severe cold conditions in north India and it is met by direct movement of goods from primary markets, they said. International market has gone on a wait and watch mode to see how the other origins are going to react to the rise in Indian prices. European market was reportedly quiet.
Indian parity has gone up to $3,800 a tonne (c&f) at a time when the harvesting of the new crop has begun. The current scenario reminds of the situation in Vietnam early this year when the prices ruled high at $4,000 a tonne at the beginning of harvesting there in Mar/Apr 2007, they said.
However, Vietnam was quoting V Asta at $3,680 a tonne (f.o.b.), while 550 GL at $3,330 atonne and 500 GL at $3,150 a tonne (f.o.b.). Brazil was quoting at pre-Xmas levels Basta at $3,100 a tonne (f.o.b.) and B1 at $3,000 a tonne (f.o.b.).
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Contract position
January contract on NCDEX shot up by Rs 442 a quintal on Friday to Rs 14,120 from Rs 13,678. The increase in other contracts was from Rs 424 to Rs 518 a quintal.
On NMCE, January contract increased by Rs 382 a quintal to Rs 13,960 from Rs 13,578. The rise in other contracts was from Rs 124 to Rs 416 a quintal.
Total turnover on NCDEX also shot up by 8,751 tonnes to 25,690 tonnes. The turnover for February increased by 73 per cent. On NMCE, total turn over went up by 889 tonnes to 2,398 tonnes.
Total open interest on NCDEX moved up by 563 tonnes to 19,720 tonnes. January position dropped by 22 per cent while February and March moved up by 51 per cent and 15 per cent. On NMCE, total open interest moved up by 40 tonne to 1,418 tonnes. Spot prices in tandem with the futures market and good buying support went up by Rs 200 a quintal to close at Rs 13,200 (un-garbled) and Rs 13,800 (MG 1) on Friday.
Bull operators were aggressively active. As the futures were going up investors were buying spot and selling futures. Buy calls from technical analysts of the brokers also contributed to the upsurge, market observers told Business Line.
Meanwhile, the arrivals at the terminal market of the new crop were not showing any signs of picking up. There is good domestic demand because of the severe cold conditions in north India and it is met by direct movement of goods from primary markets, they said. International market has gone on a wait and watch mode to see how the other origins are going to react to the rise in Indian prices. European market was reportedly quiet.
Indian parity has gone up to $3,800 a tonne (c&f) at a time when the harvesting of the new crop has begun. The current scenario reminds of the situation in Vietnam early this year when the prices ruled high at $4,000 a tonne at the beginning of harvesting there in Mar/Apr 2007, they said.
However, Vietnam was quoting V Asta at $3,680 a tonne (f.o.b.), while 550 GL at $3,330 atonne and 500 GL at $3,150 a tonne (f.o.b.). Brazil was quoting at pre-Xmas levels Basta at $3,100 a tonne (f.o.b.) and B1 at $3,000 a tonne (f.o.b.).
• Check out our Yearender Special
Contract position
January contract on NCDEX shot up by Rs 442 a quintal on Friday to Rs 14,120 from Rs 13,678. The increase in other contracts was from Rs 424 to Rs 518 a quintal.
On NMCE, January contract increased by Rs 382 a quintal to Rs 13,960 from Rs 13,578. The rise in other contracts was from Rs 124 to Rs 416 a quintal.
Total turnover on NCDEX also shot up by 8,751 tonnes to 25,690 tonnes. The turnover for February increased by 73 per cent. On NMCE, total turn over went up by 889 tonnes to 2,398 tonnes.
Total open interest on NCDEX moved up by 563 tonnes to 19,720 tonnes. January position dropped by 22 per cent while February and March moved up by 51 per cent and 15 per cent. On NMCE, total open interest moved up by 40 tonne to 1,418 tonnes. Spot prices in tandem with the futures market and good buying support went up by Rs 200 a quintal to close at Rs 13,200 (un-garbled) and Rs 13,800 (MG 1) on Friday.
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