The Hindu Business Line : Upsurge continues in pepper futures

Pepper futures market continued its upward swing on reports of business taken place in Indonesia at higher levels and the buying spree by exporters here.

Indian parity is at $2,200, while that of Indonesia is also almost identical. Vietnam has no offering.

Contract value

The increase in the futures contracts on Wednesday went up by Rs 318 to Rs 384 a quintal at National Commodity & Derivates Exchange Ltd (NCDEX) while at National Multi-Commodity Exchange of India Ltd (NMCE) the rise was from Rs 130 to Rs 530.

The August contract went up by Rs 384 a quintal at NCDEX on Wednesday to close at Rs 9,750 from Rs 9,366 on Tuesday, while at NMCE it increased by Rs 336 to close at Rs 9,895 from Rs 9,559 a quintal.

Turnover up

The total turnover at NCDEX increased by 16,489 tonnes to 47,823 tonnes from 31,334 tonnes on Tuesday, while at NMCE it went up by 2,749 tonnes to 8,115 tonnes from 5,366 tonnes.

The outstanding position for August, September and October was 6,768 tonnes, 3,910 tonnes and 4,885 tonnes, respectively.

Increased buying activity in the domestic market has raised the spot prices by Rs 500 to close at Rs 9,100 (ungarbled) and Rs 9,500 (MG 1) a quintal.

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