Financial Daily from THE HINDU group of publications
Thursday, Jun 10, 2004
Financial Daily from THE HINDU group of publications Thursday, Jun 10, 2004 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper static on low-key trade G.K. Nair
Kochi , June 9 THE pepper market was steady with buying and selling activity on a low key. With the heat wave conditions prevailing in the North, domestic demand from upcountry has declined. Overseas demand is also virtually nil. Spot prices of MG1 and ungarbled on Wednesday remained unchanged at Tuesday's level of Rs 7,200 and Rs 6,900 respectively. However, futures declined. June delivery was Rs 7,356 on Wednesday against Rs 7,439 last Saturday. The price levels were: July Rs 7,557 (Rs 7,696), August Rs 7,807 (Rs 7,951), September Rs 7,863 (Rs 7,994), October Rs 8,013 (Rs 8,146), and November Rs 8,100 (Rs 8,206). Domestic buyers are not buying, anticipating a sell-off from Sri Lanka, while international players are waiting for the Indonesian crop next month. Indonesia has reduced the price from $1,500 to $1,400 a tonne while Vietnam is offering farm grade pepper at $1,250-$1,275 a tonne. Indian parity is $1,675-$1,700 a tonne. Brazil has also not changed its price. Not much buying is taking place in the international market, except for some `hand to mouth' buying by some players, Mr Kishor Shamji, President, Indian Pepper and Spice Trade Association (IPSTA), told Business Line. The arrivals at the terminal market had dropped significantly, he said. Timely monsoon in the growing areas is expected to make the next crop normal and according to trading estimates, the production might be around 55,000-60,000 tonnes.
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