Business Daily from THE HINDU group of publications
Friday, Aug 11, 2006
Business Daily from THE HINDU group of publications Friday, Aug 11, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Upward trend persists in pepper futures G K Nair
Kochi , Aug 10 Pepper futures on Thursday continued their upward trend on buying support and overall firmer tendency in the international market. All the future contracts on NCDEX and NMCE witnessed a sharp rise. August was up by Rs 356 on NCDEX on Thursday to close at Rs 10,502 a quintal from Rs 10,146 while on NMCE it moved up by Rs 277 to close at Rs 10,299 from Rs 10,022. The increase in other positions on NCDEX was from Rs 283 to Rs 368 a quintal. On NMCE, it increased from Rs 261 to Rs 356.
Turnover up
The total turnover on NCDEX went up by 9,385 tonnes to 27,804 tonnes from 18,419 tonnes on Wednesday. On NMCE, it moved up by 1,725 tonnes to close at 5,119 tonnes from 3,394 tonnes.
Open interest
The total open interest on NCDEX was 24,602 tonnes against 25,001 tonnes on Wednesday. On NMCE it was 4,252 tonnes compared to 4,260 tonnes. The outstanding position for August, September and October was 4,688 tonnes, 7,094 tonnes and 8,791 tonnes respectively. Outstanding position for August dropped by 453 tonnes from 5,141 tonnes on Wednesday. Exporters with commitments were buying. Meanwhile, the Kerala State procurement agency, Marketfed is said to have sold 200 tonne from its stock of about 2,400 tonnes at Rs 99 a kg on Thursday.
Other origin prices
The prices of other origins continued to rule high. "Overall tendency is firmer without any international support," market observers told Business Line. Indonesia was offering Lampong Asta at $ 2,400-2,475 (c&f) a tonne. Vietnam was quoting 500 GL f.a.q at $ 1,900 a tonne f.o.b. Brazil was offering B ASTA at $ 1,800 a tonne (f.o.b) but there are said to be no sellers. Where as, B1 and B2 are reportedly being pushed into the markets in Europe, ME and US. As white pepper prices are soaring in the world market probably the superior grade black pepper is being converted into white. Indonesia was quoting white at $3,400 a tonne. In tandem with the upward trend in the futures market trend, spot prices moved up by Rs 100 on Thursday to close at Rs 9,700 (un-garbled) and Rs 10,100 (MG 1) a quintal.
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