Business Daily from THE HINDU group of publications
Thursday, Jul 20, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 20, 2006 |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures decline on bearish sentiment G.K. Nair
Kochi , July 19 The pepper futures market witnessed decline on Wednesday on bearish sentiment despite a favourable rupee-dollar rate and prevailing tight supply position. Meanwhile, Indonesia said to have raised its price to $1,900 a tonnes c&f New York, while Vietnam is not offering. Brazil is offering only October - December. Spot pepper also moved by Rs 50 a quintal. The market is speculatively down, market sources told Business Line. The world market is silent, as the players could not digest the sudden hike in the prices. However, some buyers who could not cover in the past are covering and hence small orders are coming in, they said. Still there are chances for Indian pepper, they claimed. But, here also availability is becoming a problem, as the producers are not ready to sell at the current price. Sri Lanka has also raised its price to $1,675 - $1,700 in line with the international price trend. The increase in price coupled with the current Rupee-dollar exchange rate seem to have forced the Indian importers from Sri Lanka to hold back. July delivery was down by Rs 21 on NCDEX to close at Rs 7,890 from Rs 7,911 on Tuesday, while on NMCE it dropped by Rs 40 to close at Rs 7,975 from Rs 8,015 a quintal. The decrease in other positions on NCDEX was from Rs 7 to Rs 46 a quintal while on NMCE it was from Rs 17 to Rs 52 a quintal. Total turnover on NCDEX also dropped by 4,206 tonnes to 7,613 tonnes from 11,819 tonnes on Tuesday. On NMCE it fell by 506 tonnes to 1,190 tonnes from 1,696 tonnes. The total open interest on NCDEX was 18,485 tonnes as against 18,638 tonnes on Tuesday. On NMCE it was 3,148 tonnes compared to 3,044 tonnes. The outstanding position for July, August, September and October was 2,042 tonnes, 7,411 tonnes 2,945 tonnes and 4,160 tonnes respectively on Wednesday. The spot prices moved up on tight supply position by Rs 50 a quintal to close at Rs 7,500 (un-garbled) and Rs 7,900 (MG 1).
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