Financial Daily from THE HINDU group of publications
Saturday, Jun 10, 2006
Financial Daily from THE HINDU group of publications Saturday, Jun 10, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures decline G.K. Nair
Kochi , June 9 Pepper futures market witnessed a decline on Friday for want of buying support. However, some business is said to have taken place on Thursday with the US at $1,650 a tonne (c&f) for later positions. June delivery is quoted below spot price and it is negatively affecting the market, sources told Business Line. Besides, they said, the huge outstanding position for June is also sending out wrong signals. June position was down by Rs 33 on Friday at NCDEX to close at Rs 6,511 a quintal as against Rs 6,544 on Thursday while on NMCE, it slipped by Rs 6 to close at Rs 6,680 a quintal.
Impact
The decline in other positions on NCDEX was from Rs 43 to Rs 71 a quintal, while on NMCE it was from Rs 11 to Rs 132 a quintal for all positions except Nov, which was up by Rs 49 a quintal. The total turn over on Friday on NCDEX was 1,322 tonne as against 1,566 tonne on Thursday, while on NMCE it was 209 tonne compared to 75 tonne the previous day. The total open interest on NCDEX was 19,194 tonne as against 19,130 tonne on Thursday, while on NMCE it was 1,887 tonne on Friday compared to 1,939 tonne yesterday. The June, July and Aug outstanding position on NCDEX on Friday was 7,204 tonne, 6,394 tonne and 3,229 tonne respectively. In the International market, the players are still waiting for the prices to drop. The prices rule steady at previous levels.
Up in Vietnam
Meanwhile, reports from Vietnam have said that the purchasing prices for the berry in the domestic market had moved up "on increasing demand, short supply and high prices in the world market." Currently, buying prices of pepper in Vietnam local market have reportedly shot up to over 19,000 dongs a kg. Because of the `hartal' on Friday called by the BJP to protest against the fuel price hike there was not much activity in the spot market. Prices ruled steady at previous levels of Rs 6,500 (un-garbled) and Rs 6,900 (MG 1) a quintal.
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