Business Daily from THE HINDU group of publications
Friday, Mar 28, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Mar 28, 2008 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures drop on lack of buying G. K. Nair Kochi, March 27 Bear operators on Thursday pulled down the pepper futures market despite not much selling pressure fundamentally. They pulled down the prices on reports of fall in Vietnam prices. Because of the financial year ending, nobody was buying except exporters who were covering from the exchanges as the prices there were lower than that of spot, market sources told Business Line. Vietnam was offering V Asta at $3,900-4,000 a tonne (f.o.b.) depending upon the seller, while 500 GL at $3,450 and 550 GL at $3,600 a tonne (f.o.b.). Indonesia was offering L Asta at $3,850 a tonne (f.o.b.) but they were said to be not keen to sell at lower levels. Brazil said to have quoted $3,700 - $3,750 a tonne (f.o.b.) for B Asta. Indian parity remained at $3,900-3,950 a tonne (c&f) and still remained competitive in the international market. CONTRACT POSITIONApril contract on NCDEX on Thursday fell by Rs 264 a quintal to Rs 14,648. The fall in other contracts was from Rs 183 to Rs 275 a quintal. On NMCE April contract dropped by Rs 223 a quintal to Rs 14,550. The fall in other contracts except August was from Rs 126 to Rs 246 a quintal, while August moved up by Rs 232 a quintal. Total turnover on NCDEX increased by 2,425 tonnes to 11,183 tonnes, while that on NMCE declined by 58 tonnes to 1,138 tonnes. Total open interest on NCDEX moved up by 740 tonnes to 19,378 tonnes. April position dropped by 48 per cent while May and June moved up by 43 per cent and 7 per cent respectively. On NMCE, total open interest went up by 151 tonnes to 2,125 tonnes. Domestic demand was slow. Spot prices also dropped by Rs 100 a quintal on Thursday to close at Rs 14,100 (un-garbled) and Rs 14,700 (MG1) in tandem with the futures market trend. More Stories on : Spices & Condiments
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