The Hindu Business Line : Pepper futures rebound on buying support

As the February was trading below spot prices exporters having commitments were covering. National level Cooperatives also tendered for delivery. Thus in the February contract a total quantity of 1,034 tonnes of the goods was delivered. Of this 383 tonnes of pepper were with the exchange, while the balance was by direct delivery by the clients.

The sellers appeared to have decided to deliver as they were said to be not confident of revalidation.

With the increase in prices on Thursday the Indian parity has gone up to $3,875-3,900 a tonne (c&f), almost on par with other origins

Meanwhile, according to overseas reports, even though 30 per cent of the crop said to have been harvested in Vietnam the prices ruled firm there as the arrivals at the market remained comparatively low. Unlike in the past arrivals of light berries are also reportedly thin. Production of heavy berries are said to be higher now than that of last year.

Prices quoted on Thursday are 500 GL at $3,620 a tonne (c&f), 550 GL at $3,810 a tonne (c&f) and V Asta at $4,120 a tonne (c&f), all main European ports. White pepper was being offered at $5,490 a tonne (c&f).

Brazil prices also remained at previous levels. B Asta is being offered at $3,600 a tonne (f.o.b.). The buyers in the world market have adopted a wait and watch approach till the prices drop.

CONTRACT POSITION

March contract on NCDEX on Thursday shot up by Rs 528 a quintal to Rs 14,860. The increase in other contracts was from Rs 463 to Rs 603 a quintal.

On NMCE, March contract increased by Rs 555 to Rs 14,670. The rise in all other contracts except August was from Rs 275 to Rs 576 a quintal. August dropped by Rs 230 a quintal.

Total turnover on NCDEX increased by 5,508 tonnes to 12,818 tonnes, while that on NMCE moved up by 394 tonnes to 1,218 tonnes.

Total open interest on NCDEX went up by 365 tonnes to 19,237 tonnes. March position fell by 53 per cent, while Apr and May moved up by 37 per cent and 6 per cent respectively.

On NMCE, total open interest declined by 75 tonnes to 1,629 tonnes.

Spot prices in tandem with the futures market trend and good buying support increased by Rs 300 a quintal to close at Rs 13,700 (un-garbled) and Rs 14,300 (MG 1) on Thursday.

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