• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager
• BL Club
• Smartbuy

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth
• Events 2007

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

G.K. Nair

Kochi, Oct 15 Pepper futures market continued its downward trend on selling pressure and under the influence of the fall in the stock markets.

October contract fell by Rs 210 a quintal to Rs 12,650. November and December dropped by Rs 262 and Rs 252 a quintal to Rs 12,679 and Rs 12,825 respectively.

Total turnover on NCDEX increased by 1,874 tonnes to 7,890 tonnes. Total open interest declined by 270 tonnes to 16,995 tonnes. Net open position for October fell by 576 tonnes to 3,080 tonnes, while November and December moved up by 59 tonnes and 154 tonnes respectively.

Liquidity crunch following the current economic turmoil world over has forced the investors, who have no connection with the commodities markets and had made investments in it, are selling spot the stocks held by them in warehouses at October price. They are also buying back their sales. Even some of them said to have sold below spot prices to buyers from the primary markets, market sources told Business Line. The October delivery is said to have come down by 350 tonnes.

Add to this the rupee is weak. The decline in futures price coupled with a weak rupee has eased the Indian parity to $2,900-3,000 a tonne (c&f). All other origins remained by and large steady or unchanged.

In the international scenario, everybody is now looking at Brazil. But the exporters there are not reportedly ready to offer apprehending heavy losses, because of the wide currency fluctuation in recent days.

On Wednesday sellers were quoting $2,600-2,650 at tonne (f.o.b) for B1 560 GL. However, the sellers were said to be reluctant to offer B Asta.

More Stories on : Spices & Condiments

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Copyright © 2008, 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