The Hindu Business Line : Pepper declines

Financial Daily from THE HINDU group of publications Wednesday, May 10, 2006

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Agri-Biz & Commodities - Spices & Condiments

Pepper declines

G.K. Nair

Kochi , May 9

Pepper futures declined on Tuesday for want of buying support.

The market opened firmer but fell, as there was not much activity. Prices for all the positions at NCDEX and NMCE dropped.

Spot also ruled steady with limited activity.

Global market weak

International market was weak because of the ASTA convention under way in the US while the European players have taken a wait and watch attitude.

Meanwhile, the rupee is weak against the dollar, which has brought down the Indian parity with other origins.

The market is likely to remain at the current levels for the time being.

The last trading price (LTP) at NCDEX on Tuesday for May position declined by Rs 93 to close at Rs 6,593 a quintal against Rs 6,686 on Monday.

At NMCE, the drop was Rs 107 to close at Rs 6,430 from Rs 6,537.

The LTP for other positions witnessed a decline ranging from Rs 21-88 a quintal at NCDEX while it was from Rs 42-94 in NMCE.

The total turnover at NCDEX was 3,283 tonnes against 4,035 tonnes while that of NMCE was 564 tonnes against 711 tonnes.

The open interest at NCDEX on Tuesday was 20,146 tonnes against 19,461 tonnes while in NMCE it was 3,693 tonnes against 3,784 tonnes.

Spot prices ruled steady on Tuesday at Monday's level of Rs 6,450 a quintal (un-garbled) and Rs 6,850 (MG 1).