Kochi: Pepper futures market which has witnessed high volatility during the day declined at close on Wednesday on bearish activities based on reports of drop in Vietnam prices.
Bear speculators were said to be trying to bring down April prices by saying that exporters might not hedge for fear of default. Thus, they are depressing the market, trading sources told Business Line.
Some spot selling was there. Besides, some selling pressure was reported from the Malabar region which had also influenced the market. The stock held by NCDEX is 5,753 tonnes. In addition, there is 99 tonnes in process in selected warehouses, they said.
In the international market Vietnam was said to be easier and it was offering 500 GL at $3,520 a tonne (f.o.b.) and 550 GL at $3,720 a tonne (f.o.b.). Indonesia was reportedly offering Lasta at $4,000 at tonne (f.o.b.) while Brazil was quoted Basta at $3,850 a tonne (f.o.b.).
Indian parity was at $3,925-3,950 a tonne (c&f) and still remained competitive, they said.
Contract position
April contract on NCDEX declined on Wednesday by Rs 51 a quintal close at Rs 14,875. The fall in other contracts was from Rs 66 to Rs 278 a quintal. On NMCE April contract dropped by Rs 37 a quintal to close at Rs 14,785 from Rs 14,822. The drop in other contracts except August was from Rs 40 to Rs 60 a quintal while August moved up by Rs 240 a quintal.
Total turn over on NCDEX dropped by 2,589 tonnes to 8,758 tonnes while that on NMCE moved up by 203 tonnes to 1,196 tonnes.
Total open interest on NCDEX moved up by 191 tonnes to 18,638 tonnes. April position dropped by 52 per cent while May and June moved up by 40 per cent and 5 per cent respectively. On NMCE total open interest moved up by 100 tonnes to 1,974 tonnes.
Spot prices ruled steady at previous levels at Rs 14,200 (un-garbled) and Rs 14,800 (MG 1) a quintal on Wednesday.
Bear speculators were said to be trying to bring down April prices by saying that exporters might not hedge for fear of default. Thus, they are depressing the market, trading sources told Business Line.
Some spot selling was there. Besides, some selling pressure was reported from the Malabar region which had also influenced the market. The stock held by NCDEX is 5,753 tonnes. In addition, there is 99 tonnes in process in selected warehouses, they said.
In the international market Vietnam was said to be easier and it was offering 500 GL at $3,520 a tonne (f.o.b.) and 550 GL at $3,720 a tonne (f.o.b.). Indonesia was reportedly offering Lasta at $4,000 at tonne (f.o.b.) while Brazil was quoted Basta at $3,850 a tonne (f.o.b.).
Indian parity was at $3,925-3,950 a tonne (c&f) and still remained competitive, they said.
Contract position
April contract on NCDEX declined on Wednesday by Rs 51 a quintal close at Rs 14,875. The fall in other contracts was from Rs 66 to Rs 278 a quintal. On NMCE April contract dropped by Rs 37 a quintal to close at Rs 14,785 from Rs 14,822. The drop in other contracts except August was from Rs 40 to Rs 60 a quintal while August moved up by Rs 240 a quintal.
Total turn over on NCDEX dropped by 2,589 tonnes to 8,758 tonnes while that on NMCE moved up by 203 tonnes to 1,196 tonnes.
Total open interest on NCDEX moved up by 191 tonnes to 18,638 tonnes. April position dropped by 52 per cent while May and June moved up by 40 per cent and 5 per cent respectively. On NMCE total open interest moved up by 100 tonnes to 1,974 tonnes.
Spot prices ruled steady at previous levels at Rs 14,200 (un-garbled) and Rs 14,800 (MG 1) a quintal on Wednesday.
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