Business Daily from THE HINDU group of publications
Tuesday, Sep 05, 2006
Business Daily from THE HINDU group of publications Tuesday, Sep 05, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures soar on tight supply G.K. Nair
Contracts up September contract on the NCDEX went up by Rs 215 a quintal to close at Rs 12,221. On the NMCE, it moved up by Rs 300 a quintal to close at Rs 12,100. The increase in other positions on the NCDEX was from Rs 231 to Rs 425 a quintal, while on the NMCE it was from Rs 263 to Rs 537 a quintal.
Kochi , Sept. 4 Reported shifting of more black pepper for converting into white following severe shortage of the latter is said to have tightened the supply position in the world market, which in has pushed up the pepper futures market further on Monday. Besides, cartels in North India are trying to push up the markets. Add to this, big operators such as stockbrokers and MNCs are also said to be re-entering the pepper market, market observers here told Business Line.
Indian parity
Indian parity is at $2,800 a tonne (c&f), while the Indonesian price is almost at par with that of India. Brazil is said to have traded at $2,500 a tonne (c&f). All the contracts at the major exchanges shot up on Monday. September contract on NCDEX went up by Rs 215 a quintal to close at Rs 12,221 from Rs 12,006 at Saturday close. On NMCE, it moved up by Rs 300 a quintal to close at Rs 12,100 from Rs 11,800. The increase in other positions on NCDEX on Monday was from Rs 231 to Rs 425 a quintal, while on NMCE it was from Rs 263 to Rs 537 a quintal.
Turnover
The total turnover on the NCDEX increased by 8,382 tonnes to close at 33,803 tonnes from 25,421 tonnes last Saturday. On the NMCE, it went up by 3,987 tonnes to 8,318 tonnes from 4,331 tonnes. The total open interest on NCDEX stood at 27,414 tonnes as against 27,840 tonnes on Saturday, while on NMCE it was at 4,955 tonnes compared to 4,980 tonnes. The outstanding position for September and October on NCDEX was 3,313 tonnes and 17,593 tonnes, respectively, while October position on the NMCE was at 3,520 tonnes. Spot market ruled steady and ready prices remained at Rs 10,800 (un-garbled) and Rs 11,200 (MG 1) a quintal on Monday.
More Stories on : Spices & Condiments | Commodity Exchanges
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