Business Daily from THE HINDU group of publications
Friday, Sep 22, 2006
ePaper
Business Daily from THE HINDU group of publications Friday, Sep 22, 2006 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures decline G.K. Nair
Kochi , Sept. 21 Pepper futures market declined on Thursday on sales, which the trade alleged was manipulation by certain cartels. The market after shooting up on Wednesday dropped on Thursday. The October position dropped by Rs 167 a quintal on NCDEX to close at Rs 14,672 from Rs 14,839 on Wednesday. On NMCE, it declined by Rs 146 a quintal to close at Rs 14,525, from Rs 14,671. The drop in other positions except January, which moved up by Rs 42 a quintal, on NCDEX was from Rs 52 to Rs 158 a quintal while the decline on NMCE for all contracts except February, which went up by Rs 20 a quintal, was from Rs 86 to 208.
Turnover drops
The total turnover on NCDEX dropped by 402 tonnes to close at 43,077 tonnes from 43,479 tonnes. On NMCE, it increased by 66 tonnes to close at 8,158 tonnes from 8,092 tonnes. The total outstanding position on NCDEX moved up by 2,111 tonnes to 29,249 tonnes from 27,138 tonnes. On NMCE, it went up by 342 tonnes to 5,598 tonnes from 5,256 tonnes. The October outstanding position on NCDEX dropped by 293 tonnes to 10,328 tonnes while the November increased by 2,127 tonnes to 12,228 tonnes on Thursday. On NMCE, the outstanding position for October increased by 108 tonnes to 2,997 tonnes. The market has declined in spite of the fact that the "things are favourable for the market to move up," market observers told Business Line. Today being a holiday here there was no selling pressure in the spot, they said.
Exporters non-committal
In fact, there are enquiries coming in but the exporters are scared to commit because of the prevailing volatility in the market allegedly created by manipulators , they alleged. In fact, the country is placed at an advantageous position because of the subsidy and availability of pepper with the Marketfed, the procurement agency of the State Government. According to Spices Board sources, the subsidy had helped raise exports this fiscal. During April-July, 6,750 tonnes of black pepper valued at Rs 55.54 crore could be shipped out as against 4,709 tonnes valued at Rs 41.93 tonnes in the same period last fiscal. However, the current volatile situation has placed the market in uncertainty, they claimed. The spot market was closed on Thursday on account of a holiday.
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