Business Daily from THE HINDU group of publications
Friday, Oct 27, 2006
ePaper
Business Daily from THE HINDU group of publications Friday, Oct 27, 2006 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures decline G. K. Nair
Kochi , Oct. 26 Pepper futures decline on bearish reports from Brazil that its prices had been reduced. Brazil was offering at $2,675 (f.o.b) a tonne, while Indian parity is at $ 2,975 (c&f) and hence "we are at competitive level in the international market", market observers here told Business Line. In fact, nobody wants to offer beyond November on the apprehension that the benefit of export subsidy would end by then. A subsidy of Rs 7 a kg is available till the exports touch the target of 20,000 tonnes, which is likely to be achieved by December. In the absence of subsidy, Indian prices would rise and could become uncompetitive in the world market, they claimed. On the other hand, the domestic demand has yet to pick up.
Fall in contracts
All the contracts fell sharply on Thursday. On NCDEX, November contract dropped by Rs 239 a quintal to close at Rs 12,265 a quintal from Rs 12,504 on Wednesday. The decline in other positions was from Rs 283 to Rs 350 a quintal. On NMCE, November declined by Rs 169 a quintal on Thursday to close at Rs 11,831 from the Wednesday's close of Rs 12,000. The fall in other positions was from Rs 150 to Rs 287 a quintal. The total turnover on NCDEX on Thursday increased by 4,021 tonnes to 17,012 tonnes on Wednesday, while on NMCE, it moved up by 842 tonnes to close 3,040 tonnes. The total open interest on NCDEX declined by 94 tonnes to 25,225 tonne, while on NMCE it increased by 28 tonnes to 4,997 tonnes on. The outstanding position on NCDEX for November and December was 9,828 tonnes and 11,322 tonnes respectively, while the December position on NMCE was at 4,103 tonnes. The November and December open interest on NCDEX dropped by131 tonnes and 31 tonnes respectively. Spot prices in tandem with the decline in futures dropped by Rs 100 a quintal to close at Rs 11,400 (un-garbled) and Rs 12,000 (MG 1) on Thursday.
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