The Hindu Business Line : Pepper futures decline

Pepper futures market declined on Thursday on alleged manipulations as the market continued to witness high volatility in the prices. The market shot up by around Rs 500 a quintal on Wednesday while it fell by around Rs 400 a quintal on Thursday. "The buyers move away because of such high volatility", market observers told Business Line. On other hand, the small people playing in between are badly affected, they said. On NCDEX, November contract fell by Rs 364 a quintal on Thursday to close at Rs 10,575, while the drop in other positions was from Rs 349 to Rs 454 a quintal.

Spot prices in tandem with the futures market trend dropped by Rs 100 a quintal to close at Rs 10,200 (un-garbled) and Rs 10,800 (MG 1) on Thursday.

On NMCE, November was down by Rs 290 a quintal to close at Rs 10,310. The decline in other positions was from Rs 16 to Rs 455 a quintal.

Turnover falls

The total turnover on NCDEX fell by 7,076 tonnes to 24,831 tonnes. On NMCE, it dropped by 858 tonnes to 5,427 tonnes. The total open interest on NCDEX on Thursday also dropped by 731 tonnes to 23,526 tonnes. The November outstanding position was up by 28 tonnes to 5,060 tonnes, while the December position fell by 586 tonnes to 12,876 tonnes.

On NMCE, the total open interest stood at 5,096 tonnes against 5,153 tonne on Wednesday. The outstanding position for December was 3,907 tonnes. There were no sellers in the spot market and as a result the exporters were hedging their overseas sales on the basis of the stocks with the exchanges, they said.

The Indian parity was at $2,825 a tonne (c&f), while Indonesia was quoting L Asta at $ 2,900 (f.o.b). Brazil was offering B 1 at $2,500 a tonne and B2 at $2,450 a tonne (f.o.b). Vietnam was quoting 500 GL at $2,400 a tonne (f.o.b), but limited quantity.

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