Business Daily from THE HINDU group of publications
Tuesday, Aug 07, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Aug 07, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Marginal rise in nearby pepper positions
G.K. Nair Kochi, Aug. 6 Pepper futures market witnessed a marginal increase in nearby positions on Monday close after declining on technical grounds. The fall was despite Vietnam prices moving up by $50 a tonne. However, longer positions dropped. Rumours
Such rumours are spread to push down the market by bearish operators without any connection to the ground reality, market observers said. Some buying was expected from overseas buyers but “some of our exporters were driving them away by saying that the prices would fall”. Some were also offering prices at lower levels in the US market. On Saturday, there was some buying interest from the US at $3,775 a tonne (c&f). Reprocessing cost
Meanwhile, some brokers who had bought from exchanges at discounted prices and taken delivery from selected exchanges are finding it difficult now as the reprocessing cost has been pushed up the final prices, they claimed. The Kerala Government procurement agency, Marketfed, which was to auction 100 tonnes of pepper on Monday did not sell as there were buyers only at Rs 132-Rs 133 a kg. The Marketfed did not want to sell below Rs 135 a kg. There was no selling pressure on spot. CONTRACT POSITION
August contract on NCDEX moved up by Rs 85 a quintal on Monday to close at Rs 13,300. The increase in other contracts except December and January was from Rs 65 to Rs 87 a quintal. December and January declined by Rs 17 and Rs 51 a quintal, respectively. On NMCE, August contract improved by Rs 77 a quintal to close at Rs 13,120. The increase in September and October was by Rs 49 and Rs 45 a quintal, while December and January dropped by Rs 237 and Rs 250 a quintal, respectively. Total turnover on NCDEX increased by 2,144 tonnes to 19,435 tonnes, while on NMCE it moved up by 420 tonnes to 1,627 tonnes. Open interest drops
Total open interest on NCDEX dropped by 263 tonnes to 25,773 tonnes. August and September positions dropped by 202 tonnes and 296 tonnes to 5,794 tonnes and 12,859 tonnes, respectively. On NMCE, total open interest declined by 71 tonnes to 2,541 tonnes. August position fell by 170 tonnes to 1,143 tonnes. Spot steady
Spot prices ruled steady at weekend close of Rs 13,200 (un-garbled) and Rs 13,800 (MG 1) a quintal on Monday.
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