The Hindu Business Line : Mixed trend in pepper futures

Pepper futures on Thursday witnessed high volatility on buy and sell calls, with the November contract, which matures on November 20, closing marginally down while all others closing higher.

Processors were buying farm grade pepper and selling MG 1 to investors, market sources told Business Line.

According to them, Indian produce is out-priced in the international market because of strong rupee against dollar and tough competition from Indonesia through undercutting. Therefore, they urged the Union Commerce Ministry to help the farmers and dealers by extending the benefits of some schemes to push up Indian exports such as Vishesh Krishi Upaj Yojana.

Indian parity

Indian parity in the overseas market is at $3,400 a tonne, which is$200 to $300 a tonne above others, they said.

November contract on NCDEX on Thursday slipped by Rs 27 to close at Rs 14,820 a quintal. December and January contracts moved up by Rs 24 and Rs 46 respectively to close at Rs 15,170 and Rs 15,400 a quintal.

Total turnover dropped by 515 tonnes to close at at 6,122 tonnes. Total open interest declined by 19 tonnes. November open interest dropped by 234 tonnes to 498 tonnes. December also declined by 31tonnes to 8,865 tonnes.

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