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G.K. Nair

Kochi, Oct. 26

Pepper futures on Monday shot up, touching almost the second circuit level on good demand and tight supply.

“The domestic demand, albeit belated, started showing momentum, pushing up the prices sharply,” market sources told Business Line. Even in Coorg, the prices were ruling at Rs 200-300 a quintal, higher than the prices in Kerala, they said. “It shows that the demand has reached there also,” they said.

November contract on NCDEX shot up by Rs 532 to close at Rs 14,788 a quintal. December and January soared by Rs 532 and Rs 556 respectively to close at Rs 14,965 and Rs 15,125 a quintal.

Total turnover increased by 7,748 tonnes to 10,568 tonnes. Total open interest went up by 344 tonnes to 9,693 tonnes. November open interest fell by 882 tonnes while that of December increased by 1,176 tonnes while January moved up by 38 tonnes.

There seems to be switching over from November and December and additional buying. Spot prices on strong demand shot up by Rs 400 a quintal to close at Rs 13,900 (un-garbled) and Rs 14,400 (MG 1).

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