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Tuesday, Sep 19, 2006

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Buying interest props up pepper

G.K. Nair

Kochi , Sept. 18

Pepper futures market continues to rule high on tight supply position both in the domestic and international market.

The increase in spot and futures prices despite the liquidation of 875 tonnes of black pepper by the Kerala Government procurement agency,

Indonesia is reported to be quoting above $3,300 a tonne, while Brazil was offering at $2,800-2,900 a tonne (fob). Indian parity is at $3,400 a tonne.

September position on NCDEX went up by Rs 241 a quintal to Rs 14,350 on Monday from Rs 14,100. On NMCE, October position shot up by Rs 345 a quintal to close at Rs 14,750 a quintal from Rs 14,405. The increase in other positions was from Rs 348 (October) to Rs783 a quintal on NCDEX, while on NMCE it was from Rs 450 to Rs738 a quintal.

The total turnover on NCDEX went up by 21,737 tonnes to close at 50,613 tonnes from 28,876 tonnes. On NMCE, it increased by 4,106 tonnes to 9,325 tonnes from 5,219 tonnes.

Spot prices shot up by Rs 300 a quintal to close at Rs 12,800 (un-garbled) and Rs 13,200 (MG 1).

The total open interest on NCDEX was 28,400 tonnes compared with 26,067 tonnes, while on NMCE it was at 5,069 tonnes as against 5,099 tonnes.

The outstanding position for October and November on NCDEX was 13,784 tonnes and 7,061 tonnes respectively while the October position on NMCE was at 3,308 tonnes.

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