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G.K. Nair

Kochi, Nov. 12

Pepper futures on Thursday witnessed high volatility from a tug-of-war between bulls and bears.

“In fact, the trade was confused”, market sources told Business Line.

Investors were ready to buy fresh exchange delivered pepper at October price of Rs15,000 a quintal but sellers turned it down.

Domestic buyers were showing some interest, but withdrew as they were confused by the market trend, they said.

November contract on NCDEX dropped by Rs 75 to close at Rs 14,994 a quintal. December and January declined by Rs 79 and Rs 73 respectively to close at Rs 15,200 and Rs 15,380 a quintal.

Total turnover dropped by 1,333 tonnes to 5,690 tonnes. Total open interest declined by 76 tonnes to 10,817 tonnes. November open interest dropped by 160 tonnes while that of December and January moved up by 36 tonnes and 45 tonnes respectively.

Spot prices remained unchanged on limited activities at Rs 14,200 (ungarbled) and Rs 14,700 (MG 1) a quintal. Indian parity in the international market on Thursday stood at almost competitive at $3,375 a tonne (c&f).

According to an overseas report, Vietnam prices indication on Thursday was 500 GL and 550 GL at $2,750 and $2,900 a tonne (fob). White pepper double washed was at $4,000 a tonne.

Another report sourced from the Vietnam Pepper Association (VPA) said balance stock available in Vietnam is estimated 7,533 tonnes. It is confusing the market, trading sources here pointed out.

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