Financial Daily from THE HINDU group of publications
Saturday, Feb 09, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 09, 2002 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper prices rise on short supply Our Bureau
KOCHI, Feb. 8 PEPPER prices improved on Thursday on short supply at the terminal market here. Spot prices moved up by Rs 100 a quintal both for new and old pepper, while futures also improved for Feb/Mar deliveries. MG 1 garbled was quoted at Rs 6,200 a quintal as against Rs 6,100 on February 4. Ungarbled was sold at Rs 5,800 as against Rs 5,700 at beginning of this week. Prices of new pepper increased to Rs 4,300-5,300 from Rs 4,200-5,200 a quintal. Futures prices were February: Rs 6,350 on Thursday as against Rs 6,220 at the week start. March: Rs 5,890 (Rs 5,800), April: Rs 5,840 (Rs 5,875), May: Rs 5,840 (Rs 5,895), June: Rs 5,900 (Rs 5,900) and July: Rs 5,900 (Rs 5,900). Arrivals at the terminal market dropped sharply to 15 tonnes on Thursday. On Wednesday, it was 30-40 tonnes. During this time of the season it should be over 70 tonnes. This had helped improve the market, Mr Kishor Shamji, President, India Pepper and Spice Trade Association (IPSTA), said. There was some buying activity by the exporters to cover their nearby positions. The usual technical squeeze was taking place pushing the price. On the other hand, some of the leading exporters were quietly buying directly from the primary markets by appointing dealers there as their agents to meet their commitments. The current strike by the State Government employees had facilitated free movement of pepper evading both the sales tax and the `padi' (the regular gratification amount paid to the officials). In fact, 200 tonnes were sold in the primary markets on February 6. Domestic buying also shrunk as the primary market met the market demand. Arrivals from the southern districts of Kerala had slackened and according to growers harvesting in this region was almost over. Crop from Wynad and Idukki districts just started to arrive. Most of the pepper from Wynad is reportedly going to upcountry markets through the illegal route.
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