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Thursday, Jun 08, 2006

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Pepper futures improve on buying support

G.K. Nair

Kochi , June 7

The pepper futures market improved on Wednesday on buying support.

The processors were buying June delivery and offering to investors. NCDEX delivered at prices below spot, which has activated the market pushing up the futures prices.

Overseas enquiries were absent as the international players who have seen the downward trend in the June position in recent days, are waiting for the prices to drop. But on the contrary it has improved on Wednesday, market sources told Business Line. Indian parity is at $1,650 a tonne (c&f), which is competitive in the international market. Other origins are also maintaining at previous levels and almost on par with the Indian price.

June position at NCDEX was up by Rs 40 a quintal on Wednesday to close at Rs 6,530 from Rs 6,490 on Tuesday. On NMCE, it increased by Rs 47 to Rs 6,510 from Rs 6,463 a quintal.

Other positions

The other positions on NCDEX increased by Rs 46 to Rs 63 a quintal while on NMCE the rise was from Rs 20 to Rs 79 a quintal.

The total turnover on NCDEX on Wednesday stood at 1,824 tonnes as against 1,548 the previous day. On NMCE, it was 132 tonnes compared to 91 tonnes on Tuesday.

The total open interest on NCDEX on Wednesday stood at 19,360 tonnes as against 19,327 tonnes on Tuesday, while on NMCE it was 1,949 tonnes compared to 2,065 tonnes on Tuesday.

There was no selling pressure in spot. The prices ruled steady at previous level.

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