Financial Daily from THE HINDU group of publications
Monday, Jun 06, 2005
Financial Daily from THE HINDU group of publications Monday, Jun 06, 2005 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper prices rise marginally G.K. Nair
Kochi , June 5 SPOT pepper prices during the week witnessed marginal fluctuations and eventually settled on Saturday at Rs 150 a quintal above the price of May 28. MG 1 was sold at Rs 6,050 and un-garbled at Rs 6,450 a quintal on Saturday against Rs 5,900 and Rs 6,300 respectively on May 28. The rumours that have been making rounds - that the Centre would announce export subsidy for pepper - had pushed up prices late in the week, albeit marginally, market sources said. Futures prices also showed an upward trend on Saturday compared to the previous week. The price quoted for June was Rs 6,305 a quintal against Rs 6,181 on May 28. July quoted at Rs 6,457 (Rs 6,344), August Rs 6,765 (Rs 6,948), September Rs 6,757 (Rs 6,661), October Rs 6,952 (Rs 6,853), and November Rs 7,103 (Rs 7,002). Investors and some Government agencies were active in buying and selling futures. In the spot, on an average 25 tonnes were traded daily during the week at the terminal market. Arrivals were good because of the selling pressure in Wayanad district, mainly in Pulpally, Sultan Battery and Kalpetta, because of the opening of schools. Much of the domestic demand is, however, met by sales from the Coorg region. At Rs 62.50 a kg, pepper from this region is delivered anywhere in India, the sources said. "A lot of investors from Delhi, Mumbai, and Singapore are buying and selling futures." During the week, some export business took place at $1,500 a tonne. A few hundred tonnes of MG1 were sold to buyers in some select overseas markets. Because of the hike in freight the sellers were quoting f.o.b. price. The Indian parity is at $1,500-1,575 a tonne. Brazil was offering June/July at $1,500 a tonne and Indonesia at $1,450-1,500 f.o.b. Vietnam was quoting at $1,375-1,400 a tonne for ASTA grade while the inferior quality was at $1,250-1,300 a tonne. The US buyers are said to have covered from Indonesia now at the prevailing prices. They are anticipating that Brazil and Indonesia may lower the prices in the coming weeks.
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