Financial Daily from THE HINDU group of publications
Wednesday, Jan 21, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jan 21, 2004 |
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Agri-Biz & Commodities
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Spices & Condiments Domestic demand props up pepper G.K. Nair
Kochi , Jan. 20 SPOT pepper prices continued to rise on good domestic demand, while futures showed a decline at the terminal market here on Tuesday. The prices of MG 1 and ungarbled were Rs 8,100 and Rs 7,800 respectively as against the last weekend close of Rs 7,800 and Rs 7,500. However, compared to last Saturday, futures showed a decline. The Tuesday prices were February Rs 7,831 as against Rs 7,890 last Saturday. March Rs 8,183 (Rs 8,245), April Rs 8,230 (Rs 8,344), May Rs 8,383 (Rs 8,500) June Rs 8,245 (Rs 8,361) and July Rs 8,659 (Rs 8,780). The sudden spurt in the domestic demand had forced those holding long positions to liquidate to take advantage of the situation and to cap the price rise, trading sources said. However, there is no international demand for Indian pepper, because of the high price. Indian parity is now at $1,700-$1,750, while Indonesia was offering at $1,350-1,375 and Brazil at $1,350 per tonne. Vietnam has quoted 500 GL at $1,325 per tonne. The international players are waiting for the Vietnamese crop to enter the market hoping that the prices would fall later. Indian dealers are said to have bought February 15 shipments of Indonesian pepper at $1,350 per tonne. Sri Lankan pepper would enter the market by May. Rumours are in the air that the Vietnamese crop is affected by wilt disease and the crop this year is likely to be lower by 30 per cent.
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