Business Daily from THE HINDU group of publications
Friday, Mar 23, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Mar 23, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments US market rumours support pepper futures G.K. Nair
Kochi March 22 Pepper futures moved up slightly on Thursday on bullish activities. Rumours from US markets that Vietnam is offering 500 GL at $2,475-$2,500 a tonne have contributed to the upward swing in the market. But, market observers here told Business Line that the Vietnam prices for 500 GL were at $2,360-$2,400 a tonne (fob). Lack of selling pressure because of the reluctance on the part of the Vietnamese farmers has reportedly contributing to the price rise. Vietnam was reportedly offering 550 GL at $2,520-$2,580 a tonne (f.o.b), while V Asta at $2,740 a tonne (f.o.b).
Indian parity
There is no change in the fundamentals, they said. Indonesia was firm. Brazil Asta was quoted at $2,700 at tonne (f.o.b) while B-1 at $2,600-$2,650 tonne (f.o.b). No overseas demand has come to India. Indian parity is at $3,050 a tonne (c&f) slightly on the higher side, the observers said. Domestic demand continued to be good. However, it is being met directly from the primary markets. Processors were buying spot and as a result spot prices have shown an upward trend. The April contract on NCDEX moved up to close at Rs 12,963 on Thursday from Rs 12,945 on Wednesday. All the other contracts were marginally up except for June, from Rs 2 to Rs 21 a quintal.
April contracts
On NMCE April contract increased by Rs 88 a quintal to close at Rs 12,550. The increase in other contracts except for June was from Rs 24 to Rs 266 a quintal. June declined by Rs 5 a quintal.
Turnover dips
The total turnover on NCDEX fell by 1,710 tonnes to 34,475 tonnes, while on NMCE it went up by 2,666 tonnes to 6,980 tonnes. The total open interest on NCDEX increased by 365 tonnes to 29,406 tonnes. April position, however, dropped by 401 tonnes to 11,820 tonne while May went up by 984 tonnes to 11,306 tonnes. On NMCE, total open interest moved up by 199 tonnes to 3,919 tonnes while April position was down by 19 tonnes to 297 tonnes. May picked up by 204 tonnes to 2,340 tonnes.
Spot price
The spot prices on buying support increased by Rs 100 a quintal on Thursday to close at Rs 11,600 (un-garbled) and Rs 12,200 (MG 1).
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