Date:13/07/2006 URL: http://www.thehindubusinessline.com/2006/07/13/stories/2006071304261300.htm

Back Pepper futures continue to rise

G K Nair

Kochi , July 12

Pepper futures market continued to move up on tight supply and good buying interest.

July contract was up by Rs 75 a quintal on NCDEX to Rs 7,715 on Tuesday. However, on NMCE it declined by Rs 30 to Rs 7,622.

All the other positions on NCDEX were up by Rs 54 to Rs 182 a quintal, while on NMCE it was Rs 40-102, except for October delivery, which dropped by Rs 4.

The total turnover on NCDEX on Wednesday was 8,030 tonnes against 8,182 tonnes on Tuesday. On NMCE, it was 1,387 tonnes compared with 1,689 tonnes.

Open interest

The open interest on NCDEX stood at 18,131 tonnes against 17,995 tonnes, while on NMCE it was 3,218 tonnes compared to 3,105 tonnes on Wednesday.

The outstanding positions for July and August were 3,335 tonnes and 7,239 tonnes respectively.

High prices

The availability in the international market is also tight and as a result, the prices of other origins were also ruling high. Vietnam was offering ASTA grade at $1,850-1,875 a tonne (c&f), while Indonesia at $1,800-1,825 a tonne (c&f).

Indian parity is at $1,825-1,850 a tonne (c&f).

However, some stray sales might have taken place in Ecuador at $1,700 a tonne but it hasn't got much to offer, market sources told Business Line.