Financial Daily from THE HINDU group of publications
Saturday, May 06, 2006
Financial Daily from THE HINDU group of publications Saturday, May 06, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures rule steady G.K. Nair
Kochi , May 5 , The pepper futures market on Friday was almost steady with marginal decline compared to Thursday. Contrary to expectations buyers were few at the auction of the Marketfed on Friday, which had notified to liquidate around 3,000 tonnes of black pepper held by it. No sales is said to have taken place, as the prices were not agreeable besides other terms were not acceptable including selection of lots, market sources told Business Line. This has reflected on the futures market.
Overseas demand
Besides, there were some enquiries from US buyers but at lower prices. Vietnam is reportedly not discounting their prices and offering only 550 GL, as ASTA grade was used for making white pepper, they said. Indonesia is not offering while India is offering only May and not long positions. Therefore, some demand is likely to emanate in the coming days, as the Indian levels are attractive. The overseas buyers seem to be testing the patience of the Indian market, they said. The last trading price for May position on Friday on the NCDEX was Rs 6,480 as against Rs 6,505 a quintal on Thursday, while it was up by Rs 22 on NMCE taking today's price to Rs 6,300 (Rs 6,278). The decline in the other positions on NCDEX was from Rs 18 to Rs 35 a quintal where as on NMCE the fall was from Rs 24 to Rs 50 except for June, which moved up by Rs 13 a quintal. The total turnover on NCDEX on Thursday fell by 58 tonnes to 1,941 tonnes from 1,999 tonnes on Thursday while it dropped by 231 tonnes to 602 tonnes on Friday from 833 tonnes on NMCE.
Open interest
Open interest on NCDEX on Friday was 18,958 tonnes as against 18,906 tonnes on Thursday, while it was 4,022 tonnes on Friday on NMCE compared to 3,982 tonnes yesterday. Meanwhile, spot was steady at Rs 6,400 (un-garbled) and Rs 6,800 (MG 1) a quintal.
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