The agitation in the capital markets all over the world failed to pressure the pepper futures market because of strong fundamentals of pepper like gold. The market increased on Oct 10. October contract increased by Rs 231 a quintal to Rs 12,935. November an December increased by Rs 171 and Rs 141 respectively to Rs 13,000 and Rs 13,170 a quintal. Total turnover on NCDEX increased by 969 tonnes to 7,440 tonnes. Net open position for October declined by 574 tonnes to 4,778 tonnes. November and December positions increased by 133 tonnes and 442 tonnes to 7,458 tonnes and 3,903 tonnes respectively. The investors who were purchasing spot and selling futures earlier are now on the reverse mode liquidating spot and buying futures.
The purchasers said to have adopted a wait and watch approach anticipating that the prices will decline following the stock market crash world over. Indian parity on Oct 11 was at $2,975-3,000 a tonne (c&f) for Europe and $3,100 a tonne (c&f) for the US. Sharp decline in the value of rupee against the dollar has made imports of pepper costly.
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