Business Daily from THE HINDU group of publications
Friday, Jul 21, 2006
Business Daily from THE HINDU group of publications Friday, Jul 21, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures recoup G.K. Nair
Kochi , July 20 Pepper futures bounced back with the prices of all positions rising sharply on Thursday on buying support.
Market in action
Exporters having commitments are coming to exchanges for cover, as the commodity is not available outside. On the other hand, some of the "bogus sellers" had to buy now. Some traders also bought good quantity of un-garbled pepper from the primary market at higher prices. Two leads each from Idukki and Battery in Wayanad were bought at sellers' price and this phenomenon has activated the market, they said. In the international market, Brazil is said to have offered July/August at $1,550 a tonne. However, Indonesia, where harvesting is going on, is offering $1,875 - $1,900 a tonne (c&f). Indian parity is also ruling at $1,900 - $1,925 a tonne (c&f), while Vietnam is not offering much. The overseas buyers are waiting and watching and once they gain confidence they will come forward , sources claimed. July delivery at on NCDEX was up by Rs 136 a quintal to close at Rs 8,025 from Rs 7,889 on Wednesday. The other positions increased by Rs 93 to Rs 160. At On NMCE, the July contract went up by Rs 152 a quintal to close at Rs 8,134 from Rs 7,982 on Wednesday yesterday. The increase in other positions was from Rs 50 to Rs 143 a quintal. The upsurge in demand has pushed up the spot prices by Rs 150 a quintal to close at Rs 7,650 (un-garbled) and Rs 8,050 (MG 1).
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