Business Daily from THE HINDU group of publications
Friday, Jun 15, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jun 15, 2007 ePaper |
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Agri-Biz & Commodities
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Spices & Condiments Pepper futures bounce back G K Nair
Kochi June 14 Pepper futures market bounced back on unconfirmed reports that good quantity of pepper was traded to Europe and the US on Wednesday. Some business must have taken place. But this kind of upward downward swings were the creation of speculators cartel "which has taken the market for a ride", market sources here alleged. In fact, high volatility in the market is created by manipulation through intra-day trading, they claimed. Add to this international traders who wanted to cover are also spreading rumours aimed at pushing the market down. On the other hand, the delay in taking a decision on the quantitative restrictions imposed on nearby position has put the genuine players in the market in a dilemma. Given this scenario the Regulator should understand the ground realities and take a positive decision immediately, they said. In the international market prices of all the other origins ruled steady.
Vietnam price
Vietnam was offering 500 GL at $3,275-3,300 a tonne (f.o.b.), while Brazil was quoting $3,700 (f.o.b.) a tonne for B Asta. Indonesia was offering L Asta at $3,850 - 3,900 a tonne (f.o.b.) though the harvesting there is nearing. In fact, Indian pepper is the most competitive at this juncture and yet "we are loosing the international grip", they claimed.
FUTURES MOVE UP
June contract on NCDEX increased by Rs 229 a quintal on Thursday to close at Rs 13,560 from Rs 13,331 on Wednesday. The rise in other contracts was from Rs 152 to Rs 295 a quintal. On NMCE June contract moved up by Rs 248 a quintal to close at Rs 13,250 from Rs 13,002. The increase in other contracts was from Rs 58 to Rs 296 a quintal.
Turnover up
The total turnover on NCDEX went up by 4,012 tonne to 27,842 tonne while on NMCE it increased by 1,104 tonne to 2,727 tonne. The total open interest declined by 271 tonne to 23,886 tonne while June and July positions dropped by 946 tonne 100 tonne respectively to 4,462 tonne and 10,509 tonne. August moved up by 284 tonne to 6,814 tonne. On NMCE the total open interest declined by 95 tonne to 2,336 tonne. June position dropped by 203 tonne to 176 tonne.
Spot price
Spot prices in tandem with the futures market trend moved up by Rs 100 a quintal to Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) on Thursday.
More Stories on : Spices & Condiments | Commodity Exchanges
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