The Hindu Business Line : NMCE posts record daily turnover in pepper futures

THE Ahmedabad-based National Multi-Commodity Exchange of India Ltd (NMCE) has once again smacked the pepper futures trade market with a record turnover of 4,764 tonnes valued at Rs 39.1 crore on Wednesday, according to NMCE sources.

The last record turnover in pepper was also recorded by NMCE on January 19, with a turnover of 3,046 lots valued at Rs 26.1 crore.

The most active series that was Pepper May 2004 contracts.

The market opened at Rs 7,950 per quintal and then improved by Rs 315 giving a series high of Rs 8,265 per quintal during the trading hours.

The price weakened giving a series low of Rs 7,900 per quintal and improved marginally before closing at Rs 7,998 per quintal with 2106 lots.

This is due to expected increased demand from international markets like the US, Europe, Japan and Australia.

The sudden change in the market has attracted more new entrants who are buying spot and selling futures.

Also, the reason of the increasing demand is due to delay in harvesting in Vietnam one of one of the highest producer of pepper in the world.

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