Business Daily from THE HINDU group of publications
Wednesday, Aug 15, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Aug 15, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures decline in volatile trade
G.K.Nair Kochi, Aug. 14 Volatility in the pepper futures market continued with the prices dropping on Tuesday after shooting up on Monday. The reason attributed to the fall is reports stating that Brazil had offered Asta Grade at $3,500 a tonne(fob). Vietnam and Indonesian prices were said to be steady at previous levels. Indian parity was at $3,600-$3,650 a tonne (c&f) and still remained competitive. Weakening of the rupee on Tuesday against dollar has also influenced the market. In the international market, the buyers are watching hence there was no bidding from their side. However, the deliveries into the US market by-and-large remained unchanged, market sources told Business Line. August contract on NCDEX dropped by Rs 309 a quintal on Tuesday to Rs 13,099. The fall in other contracts was from Rs 210 to Rs 383 a quintal. On NMCE, August contract moved up by Rs 90 a quintal to Rs 13,400. All other contracts except November and December dropped by Rs 146 to Rs 301 a quintal respectively. Nov and Dec went up by Rs 10 and Rs 143 a quintal respectively. Turnover down
Total turnover on NCDEX dropped by 2,594 tonne while on NMCE it declined by 73 tonne to 1,873 tonne. Total open interest on NCDEX moved up by 330 tonne to 25,642 tonne. August position dropped by 423 tonne to 3,384 tonne. September and October increased by 159 tonne and 454 tonne respectively to 12,601 tonne and 6,318 tonne. On NMCE, total open interest fell by 218 tonne to 2,279 tonne. August position dropped by 233 tonne to 258 tonne. September position declined by 12 tonne to 527 tonne, while October moved up by 27 tonne to 1,344 tonne. Spot prices in tandem with the futures market trend fell by Rs 200 a quintal on Tuesday to close at Rs 12,900 (un-garbled) and Rs 13,500(MG 1) .
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