Business Daily from THE HINDU group of publications
Wednesday, Jul 11, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Jul 11, 2007 ePaper |
|
|
|
|
|
|
|
Agri-Biz & Commodities
-
Spices & Condiments Bears continue to be active in pepper
G.K. Nair Kochi, July 10 Downward trend continued in the pepper futures on Tuesday over bearish activities by some cartels. The reasons attributed for pushing down the market is the reported decline in Vietnam farm grade pepper 500 GL to $3,400 a tonne from $3,450 a tonne (f.o.b). While Asta grade pepper there continued to rule above $4,000 a tonne (f.o.b). There was no selling pressure in spot in tandem with the futures market declining trend. The market fell despite some businesses said to have been concluded with the US and Europe. Price distortion
Indian parity is at $3,850 a tonne (c&f) for Europe and $3,950 a tonne (c&f) for the US. There are chances of getting some business concluded with overseas buyers at July prices which are below spot, market sources told Business Line. But, because of the quantity restriction on nearby position the exporters find it difficult to make any commitment as they fear that they would not be able to cover. Spot is also not available, they said. The restrictions while benefiting the brokers, the exchanges are penalising the exporters and investors, they alleged. In fact, the market is controlled by speculators and intra-day traders, and the futures market, as a result, has become a “gamblers den”, the exporters said. Price distortion and rigging is taking place and not price discovery, and consequently the growers are deprived of, they alleged. Given this scenario, they urged the Regulator to come forward with some remedial measures. CONTRACTS POSITION
July contract on NCDEX fell by Rs 330 on Tuesday to Rs 13,966 a quintal on Monday. The fall in other contracts was from Rs 443 to Rs 738 a quintal. On NMCE, July contract dropped by Rs 257 a quintal to Rs 13,699. The fall in other contracts was from Rs 315 to Rs 552 a quintal. The total turnover on NCDEX increased by 8,892 tonnes to 24,670 tonnes, while on NMCE it moved up by 214 tonnes to 1,621 tonnes. The total open interest on NCDEX declined by 133 tonnes to 24,537 tonnes, while July and August dropped by 166 tonnes and 536 tonnes, respectively, to 2,983 tonnes and 14,025 tonnes. September moved up by 361 tonnes to 4,389 tonnes. On NMCE, total open interest went up by 79 tonnes to 2,941 tonnes. Spot prices in line with the decline in futures dropped by Rs 200 a quintal on Tuesday to close at Rs 13,600 (un-garbled) and Rs 14,200 (MG 1).
More Stories on : Spices & Condiments
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|