MTECHTIPS

MTECHTIPS:-India Pepper market cornered; trend positive in futures

If information from traders is anything to go by, the Indian pepper markets have been cornered by a single party. As on Monday “the said party owns 80-85% of stocks in the NCDEX warehouse.” a trader had said.Meanwhile, Kochi witnessed sales at the rate of Rs.410-415/Kg for 100 tons in pepper (ungarbled) on Tuesday. No sales occurred in garbled variety as per traders. “The trend cannot be predicted as markets have been cornered by a group.” a trader said.Kochi spot markets witnessed no sales for pepper on Monday. There were sellers for ungarbled pepper at the rate of 411/Kg for about 40 tons. But the buyers insisted on Rs.408-409/Kg. In effect the sales did not materialise.NCDEX pepper November futures opened Tuesday at Rs. 43150, touched a low of Rs.42940, a high of Rs.43650 and closed at Rs.43285.Dematted stock as on October 8 2012; Monday is 3750 tons in NCDEX and quantity in process for the same day is 363 tons.