Date:31/08/2007 URL: http://www.thehindubusinessline.com/2007/08/31/stories/2007083150651400.htm

Back Pepper improves on buying interest

G K Nair

Kochi, Aug. 30 Pepper futures market on Thursday improved after falling in recent days on some buying interest. All the contracts moved up by over Rs 200 a quintal.

Those sold earlier wanted to buy back but they could not do so, as the exporters were covering daily when the prices were on the decline during past few days.

Indonesia, where harvesting has begun, also reduced its prices to $3,250-3,350 a tonnes (f.o.b.), while Indian parity was also at this level but on c&f.

Some good quantity of 400 GL reported to have been bought by Indian extractors from Indonesia.

International market remained steady. However, some of the bulls reported that some good quantity was sold to the US market. Traders rejected this claim.

CONTRACT POSITION

September contract on NCDEX increased on Thursday by Rs 252 a quintal to Rs 11,819.

The rise in other contracts was from Rs 192 to Rs 283 a quintal.

On NMCE, September contract moved up by Rs 276 a quintal to Rs 11,760. The increase in other contracts except December and January was at Rs 87 to Rs 336 a quintal. December and January dropped by Rs 178 and Rs 427 a quintal respectively.

The total turnover on NCDEX declined by 152 tonnes to 17,292 tonnes.

Spot prices ruled steady at previous levels on Thursday but above the futures at $11,900 (un-garbled) and Rs12,500 (MG 1) a quintal.