Business Daily from THE HINDU group of publications
Tuesday, Jul 04, 2006
Business Daily from THE HINDU group of publications Tuesday, Jul 04, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures continue to rise G.K. Nair
Kochi , July 3 Reports of "Vietnam is not at all a seller" have pushed up the prices of pepper in the futures market. Besides, Vietnam is not offering lower grades also. It has raised its price to $1,850 a tonne (C&F) where as, the Indian parity is at $1,825 a tonne (C&F). The situation is favourable for India to get some orders for higher grade and lower grade pepper. However, the rising trend in our parity might result in some resistance from the buyers who have been looking for a price around $1,700 a tonne (C&F), market sources told Business Line. Recent fluctuation in the rupee against dollar is also affecting the price, they said. Indonesia is quoting $1,750 while Brazil is offering its new crop at $1,550 (C&F). Indonesian harvesting is likely to commence after two weeks while that in Brazil by September. July contract at NCDEX on Monday went up by Rs 190 to close at Rs 7,590 from Rs 7,400 a quintal last Saturday while at NMCE it soared by Rs 225 to close at Rs 7,650 from Rs 7,425 a quintal. The increase in all other positions at NCDEX on Monday was from Rs 201 to Rs 242 a quintal while at NMCE it was from Rs 190 to Rs 246.
Open interest up
The total open interest at NCDEX was 16,007 tonnes as against 15,481 tonnes on Saturday while at NMCE it was 2,775 tonnes compared to 2,622 tonnes. There is demand in the domestic market while supply from Karnataka has become a bit tight pushing up the spot prices by Rs 100 from that of last Saturday. The price of MG 1 was Rs 7,450 and un-garbled Rs 7,050 a quintal.
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