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Tuesday, Aug 01, 2006

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Pepper futures turn hot on rumours

G. K. Nair

Kochi , July 31

Pepper futures shot up on Monday on rumours of price rise in other origins, especially Indonesia.

There were conflicting reports that Lampung price gone up to $2,200 (f.o.b) and $2,500 (f.o.b) had influenced the market, market observers said.

In fact, there are no sellers and buyers, both domestic and international, and yet the futures prices are moving up. "It is a tricky situation and looks like let loose bull driving away the bear," they said.

Surprisingly the turnover on Monday alone stood at over 50,000 tonnes almost the annual production. Whether the total yearly output could be traded in a day is something needs to be answered, they pointed out adding it is not a healthy situation and hence the regulator should look into it.

Spot tops Rs 10,000

In tandem with the futures, spot prices also continued to rise. They shot up by Rs 400 to close at Rs 10,000 (ungarbled) and Rs 10,400 (MG 1) a quintal on Monday.

The turnover on NCDEX on Monday increased by 45,015 tonnes to 77,433 tonnes, while on NMCE it went up by 4,839 tonnes to 10,097 tonnes.

The August contract on NCDEX went up Rs 362 on Monday to close at Rs 10,680 from Rs 10,318 tonne while on NMCE, it increased by Rs 378 to close at Rs 10,700 from Rs 10,322.

The rise in the prices of other positions on NCDEX was from Rs 428 to Rs 492 a quintal, while on NMCE, it was from Rs 305 to Rs 455.

The open interest on NCDEX was at 20,737 tonnes as against 19,593 tonnes last Saturday. On NMCE, it was at 4,054 tonnes compared with 4,328 tonnes.

The outstanding position for August, September and October was 5,960 tonnes, 4,955 tonnes and 6,643 tonnes respectively.

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