Financial Daily from THE HINDU group of publications
Monday, May 22, 2006
Financial Daily from THE HINDU group of publications Monday, May 22, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Equities, $ may help pepper gain G K Nair
Kochi , May 21 The pepper futures market was by and large steady on Saturday compared to the situation on Friday. However, the prices of all the positions at Saturday close showed a decline when compared to the closing price on May 13. The May delivery on NCDEX matured on May 19. The June position declined Rs 110 a quintal on Saturday to close at Rs 6,961 against Rs 7,071 on May 13. The drop in other positions was from Rs 69 to 156 a quintal compared with the closing prices on May 13.
June position
On NMCE, the June position improved by Rs 95 to Rs 6,975 a quintal against Rs 6,880 on May 13. The difference in the closing prices of other positions between May 20 and May 13 was from Rs 26 to Rs 53. The total turnover on NCDEX dropped by 2,509 tonnes on Saturday to 2,182 tonnes from 4,691 tonnes on May 13, while on NMCE it was 325 tonnes against 580 tonnes. The open interest on NCDEX on May 20 was 20,220 tonneds (after full delivery of 2,140 tonnes) compared with 22,432 tonnes on May 13. On NMCE, it was 2,346 tonnes on Saturday as against 2,554 tonne on May 13.
BULLS take delivery
Sellers were anticipating the buyers would liquidate May position on Friday but on the contrary the bulls came forward for taking delivery. Whether they will take delivery or get it extended is to be seen, according to market sources. NCDEX has fully delivered 2,140 tonnes of pepper at "a scientifically and professionally worked out" price of 6,958.50 a quintal. A weak rupee against dollar and the fall in the share market would have some positive impact. Besides, the domestic demand especially from the grinding industry, which used to buy before the commencement of the monsoon, is expected to emerge in the coming days. In the international market also, there is said to be a tight supply position. Vietnam prices moved up as the selling pressure has come to an end following the exhaustion of the new crop. The small growers said to have liquidated their produce. Given this situation the market is expected to improve in the coming weeks. There is no selling pressure in spot. The prices remained at last Saturday's level of Rs 6,650 (un-garbled) and Rs 7,050 (MG 1) a quintal. Some exporters are active in the primary market to pick up what ever is available.
IPC REPORT
According to International Pepper Community (IPC), the market continued to be active and prices were reportedly moved up slightly during the week in Vietnam. At Daklak, the average local price rose to 17,350 dong per kg from 17,200 dongs last week. In India, the average price was one per cent up, but the market was very quiet. No transactions were reported at Commodity Exchange. In Lampung, local price was stable at around 10,250 rupaiah per kg. But in dollar terms, the price declined because the rupiah depreciated against dollar. In Sarawak, prices were relatively stable.
More Stories on : Spices & Condiments | Commodity Exchanges
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