Financial Daily from THE HINDU group of publications
Monday, May 01, 2006
Financial Daily from THE HINDU group of publications Monday, May 01, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Bearish outlook for pepper G.K. Nair
Kochi , April 30 Bearish sentiment prevailed in the pepper futures market during the week with the prices maintaining a declining trend. However, low Indian prices would result in some buying interest from overseas players in the coming days, market sources said. The last trading prices for all positions (May to October) fell on Saturday. May position was down by Rs 69 a quintal on NCDEX. The decline in other positions ranged from Rs 54 to Rs 154 a quintal. On NMCE, the drop was from Rs 18 to Rs 54 a quintal from the Friday closing price. The total turn over for all positions also fell by 2,881 tonnes on Saturday to 1,079 tonnes from 3,960 tonnes on Friday at NCDEX, while it was down by 383 tonne to 262 tonne from 645 tonne on Friday at NMCE. Thus, the existence of very large positions had a negative impact on the futures prices. On the other hand, buyers are not confident about the quality and quantity of stock in warehouses and hence if the quality and weight is ensured they would buy and export it out, market sources told Business Line. Given this situation activity was less during the week in the futures, while spot market was on a holiday mood. As the Indian parity is at $1,650 a tonne almost at par with the international prices of other origins.
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