Pepper futures move up

Nifty BSE | NSE 25/05/12 Are Mutual Funds betting on Nifty?

Kochi, March 30

Pepper futures continued to move up on Monday on no selling pressure and tight availability position. April contract moved up by Rs 77 to close at Rs 11,340 a quintal on NCDEX. May and June went up by Rs 103 and Rs 78 respectively to close at Rs 11,515 and Rs 11,625 a quintal.

There was no buying interest in view of the financial year ending. Total volume increased by 871 tonnes to 2,000 tonnes. Total open interest declined by 105 tonnes to 5,694 tonnes.

April open interest dropped by 199 tonnes to 3,403 tonnes while that of May and June moved up by 79 tonnes and 13 tonnes respectively to 1,973 tonnes and 257 tonnes on NCDEX.

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Spot prices remained unchanged at Rs 10,800 (ungarbled) and Rs 11,300 (MG 1) a quintal. Indian parity in the international market however declined to $2,375 a tonne (c&f) following weakening of the rupee against the dollar on Monday.

Overseas market trend would be known only on Tuesday. However, reports from Indonesia said that weak operators there were trying to liquidate their stocks at low prices following the Indonesian government's decision to make it mandatory for all agricultural products exports that it should be under LC.

Therefore, the liquidation could have some negative impact on the prices, market sources told Business Line.

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