Business Daily from THE HINDU group of publications
Friday, Jul 13, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 13, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Bargain buying pulls pepper futures up
G.K. Nair Kochi, July 12 The pepper futures market shot up on Thursday following reports that good volume has been traded with US as the Indian Asta grade pepper is the cheapest at present in the world market. Good Demand
The market has hit the upper circuit. Indian parity was even three cents above the prices of Brazil which was offering Asta grade at $3,800 a tonne (f.o.b) while the Indian parity was at $3,700 a tonne (c&f), market sources told Busi ness Line. Vietnam V Asta and Indonesian L Asta were being offered above $4,000 a tonne (f.o.b). Availability of Indian pepper at low prices has paved the way for good demand coming to the country, they said. But, the major impediment at present is the quantitative restrictions on nearby position, they said. Meanwhile, the FMC has convened a meeting of all stakeholders to discuss the quantitative restriction issue on Friday in Mumbai. July contract on NCDEX on Thursday shot up by Rs 565 a quintal to Rs 14,689The increase in other contracts was from Rs 486 to Rs 607 a quintal. In tandem with the upward trend in the futures market spot prices also shot up by Rs 400 a quintal on Thursday to close at Rs 14,100 (un-garbled) and Rs 14,700 (MG 1).
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