Financial Daily from THE HINDU group of publications
Tuesday, Jun 28, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 28, 2005 |
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Agri-Biz & Commodities
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Spices & Condiments Industry & Economy - Exports & Imports Selling pressure, Lanka imports hit pepper prices G.K. Nair
Kochi , June 27 PEPPER prices, both spot and futures, declined on reports of increased arrivals from Sri Lanka at low prices and a consequent selling pressure in the Coorg region of Karnataka. After ruling steady during last week, spot prices on Monday fell by Rs 100 a quintal. MG 1 and un-garbled were sold at Rs 6,200 and Rs 5,800 a quintal as against Rs 6,300 and Rs 5,900 a quintal, respectively last Monday. Futures prices on Monday were July Rs 5,952 as against Rs 6,201 on June 20, August Rs 6,133 (Rs 6,389), September Rs 6,221 (Rs 6,481), October Rs 6,432 (Rs 6,701), November Rs 6,573 (Rs 6,848) and December Rs 6,572 (Rs 6,847) a quintal. Domestic demand is being met by supplies from Coorg, where the growers anticipating huge imports from Sri Lanka, are liquidating their crop at Rs 60.50-62.50 a kg. The arrivals at the terminal market have dropped to 10-15 tonnes as the investors who have been buying spot and selling futures have abstained from the market following the decline in prices in other exchanges. Despite the procurement of about 5,000 tonnes of black pepper by the Kerala Government agency at Rs 75 a kg, the prices failed to move up, market sources pointed out. In Indonesia, there is said to be selling pressure leading to a reduction in prices to $1,400 a tonne. Brazil is offering nearby positions at $1,450-$1,475 a tonne. However, expectations are that it might bring down the prices for October/November/December to $1,375-$1,400 a tonne. India is also offering at $1,450-$1,475 a tonne. Sri Lankan harvesting has begun and it is likely to dump the entire produce in India. According to trading sources here, there is a risk of high moisture content at 13-14 per cent in imported pepper. "This has to be strictly looked into by the health authorities," they said. Besides, oil washing is also done against the rules existent here. Since the shipments are directly sent toinland container depots in North India, monitoring these aspects might be difficult, they said adding that imports from Sri Lanka must be allowed only through one port so that these quality factors could be checked.
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