The Hindu Business Line : Dip in pepper futures continues

Overseas demand is absent despite the Indian parity remaining at an attractive level following the weakening of the Indian rupee against the dollar. International players are anticipating further drop in prices.

Market sources said the huge open position for June was depressing the futures market. Open positions for June and July on NCDEX are 9,095 tonnes and 6,115 tonnes respectively, they said.

The June position on Wednesday dropped by Rs 54 on NCDEX to close at Rs 6,879 from Rs 6,933 a quintal on Tuesday, while on NMCE it declined to Rs 6,865 from Rs 6,901 a quintal. The fall in other positions onNCDEX was from Rs 42 to Rs 83 a quintal. On NMCE, it ranged from Rs 5 to Rs 59 a quintal.

The total turnover on NCDEX was 1,686 tonnes as against 1,398 tonnes on Tuesday while on NMCE it was 157 (173 tonnes).

The open interest on NCDEX on Wednesday was 19,662 tonnes compared to 19,736 tonnes on Tuesday, while on NMCE it was 2,271 tonnes as against 2,293 tonnes.

As the futures show a declining trend, buyers are holding back from the spot market, hoping for a drop in spot prices.

There is at the same time no selling pressure, which has kept the spot market steadier. The prices remained at Tuesday's level of Rs 6,700 (un-garbled) and Rs 7,100 (MG 1) a quintal.

More Stories on : Spices & Condiments | Commodity Exchanges

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Spurt in physical delivery on NMCE

SBBJ agri credit rises 28.4 pc

Award for SIMA body

Rubber output may go up as rain-guarding rises

Pala Society plans expansion

Spot rubber zooms to new high

Himatsingka net up 7 pc in 2005-06

Metals remain volatile

Provisional anti-dumping duty on silk fabrics from China

EIJHE to restart raw jute futures

Dip in pepper futures continues

`Bullish commodity market story not changed'