The pepper futures market on Monday moved up on circular trading and despite some selling pressure on the spot. All the active contracts ended above the Saturday closing prices.

September contract witnessed circular trading with 83 per cent of the turnover on Monday. It was opened at a lower note and then moved up and traded with high volatility and went up by Rs725 a quintal in the closing hour and then slid to the last traded price of Rs 44,155 a quintal.

Total turnover increased by 205 per cent from that of the weekend closing, market sources said.

On the spot, 65 tonnes of pepper arrived probably because of the ensuing Onam and Eid and of this, 60 tonnes were traded at Rs 410, 414 and 416 a kg depending upon the quality, grade and area of production. And yet the spot prices moved up, they told Business Line .

August contract on the NCDEX increased by Rs 250 a quintal to the last traded price (LTP) of Rs 45,500 a quintal. September and October went up by Rs 255 and 95 respectively to the LTP of Rs 44,155 and Rs 44,225 a quintal.

Turnover

Total turnover increased by 2,209 tonnes to close at 3,283 tonnes. Total open interest moved up by 103 tonnes to close at 6,815 tonnes showing additional buying.

August open interest decreased by 166 tonnes while that of September and October increased by 178 tonnes and 89 tonnes respectively to close at 4,650 tonnes and 933 tonnes.

Spot prices which remained unchanged during the entire last week increased by Rs300 today in tandem with the futures market trend and despite selling pressure to close at Rs41,000 (ungarbled) and Rs42,500 (garbled) a quintal.

Indian parity as per Aug prices would come to $8,450 a tonne (c&f) Europe while at Sep prices it was at $8,200 a tonne (c&f).

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