Financial Daily from THE HINDU group of publications
Wednesday, Jun 11, 2003
Financial Daily from THE HINDU group of publications Wednesday, Jun 11, 2003 |
|
|
|
|
|
Agri-Biz & Commodities
-
Spices & Condiments Pepper down on weak demand G.K. Nair
KOCHI, June 10 PEPPER prices have started showing a declining trend following reports of shipments of Vietnamese and Sri Lankan pepper to India. The futures witnessed a drop ranging from Rs 80 to Rs 125 a quintal on Tuesday while the spot prices remained at the weekend level of Rs 7,900 (MG 1) and Rs 7,600 (for un-garbled) per quintal. Futures prices quoted were June Rs 7,540 as against Rs 7,640 on June 7, July Rs 7,750 (Rs 7,850), August Rs 7,975 (Rs 8,080), September Rs 8,150 (Rs 8,275), October Rs 8,335 (Rs 8,440) and November Rs 8,410 (Rs 8,490) per quintal. Market sources told Business Line that 10-15 containers carrying Vietnamese pepper were on their way, while about 20 containers were expected to leave Sri Lanka soon to India. These consignments would land at Chennai and Mumbai belonging to traders in Delhi, Gwalior, Jaipur, Indore, etc. People are now waiting for the arrival of the imported pepper and as a result, buying at the terminal market has declined. Sri Lanka was exporting light berries at $1,575 per tonne to the oleoresin industry and the bold heavy berries to the Indian domestic market, they added. The demand had raised the prices of heavy pepper to $1,500 from $1,450 per tonne. Added to this, moving of pepper directly from the primary market by evading taxes also contributed to the decline in the buying activities in the terminal market, they alleged. They said that Vietnam exported only 35, 000 tonnes out of the projected crop of 75,000 tonnes, and thus had a stock of around 40,000 tonnes which it was releasing slowly. Vietnam is the cheapest source of pepper in the world. Even some of the Indian exporters have imported Vietnamese pepper at import parity of Rs 65 per kg and re-exported at $1,475-1,500 when the Indian price was $1,550 (f.o.b). Brazil had already exhausted stocks and Indonesia and Malaysia were not ready to reduce the price, they added.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|