Business Daily from THE HINDU group of publications
Monday, Sep 24, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Sep 24, 2007 ePaper |
|
|
|
|
|
|
|
Agri-Biz & Commodities
-
Spices & Condiments Volatility continues in pepper futures G.K. Nair Kochi, Sept. 23 Pepper futures market continued its downward trend during the week with the prices on the exchanges dropping by Rs 188 to Rs 368 on NCDEX and by Rs 222 to Rs 372 a quintal on NMCE. The market witnessed high volatility as it has allegedly been subjected to manipulation. Prices in even Brazil and Indonesia, where harvesting is on, were ruling above the Indian parity. Commitments said to have been made by exporters for October to February next. Almost 60-70 per cent would be of committed stock, while the rest would have to come from the new crop, market sources told Business Line. Festival SeasonThe domestic market contrary to expectations remained by and large sluggish despite the ensuing festival season and the onset of winter. Buyers remained quiet notwithstanding the fact that the Asta grade Indian pepper is the cheapest in the world market at present. Indian parity on Saturday’s close was at $3,300-$3,350 a tonne (f.o.b) while all other origins were reportedly ruling higher. Vietnam is reportedly not showing any interest to sell Asta grade and hence it was offering it at $3,550 a tonne (f.o.b). Brazil and Indonesia were also not very aggressive sellers. The stock held by the exchanges is estimated at around 7,500 tonnes. Availability in the world market continues to remain tight. The current scenario gives the impression that it is advantageous for the exporters/investors. The turnover on NCDEX fell by 9,693 tonnes to 76,902 tonnes during the week, while on NMCE the drop was 3,042 tonnes. Total open interest during the week dropped to 21,334 tonnes from 23,037 tonnes at the last weekend closing. Several players have switched over to November and December. The spot prices in tandem with the futures market trend also dropped by Rs 200 a quintal during the week to close at Rs 11,800 (un-garbled) and Rs 12,400 (MG 1). According to Sharekhan, pepper prices could head lower towards Rs 11,000 a quintal in the near term, while Angel Commodities sees pepper range-bound in view of an anticipated overseas demand. Kotak Commodity Services Ltd, in its note, said pepper prices could test Rs 12,600 a quintal for November. More Stories on : Spices & Condiments | Commodity Markets
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
|