Business Daily from THE HINDU group of publications
Tuesday, Mar 04, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Tuesday, Mar 04, 2008 ePaper | Mobile/PDA Version |
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Agri-Biz & Commodities
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Spices & Condiments Vietnam factor pulls down pepper futures G. K. Nair Kochi, March 3 Pepper futures market on Monday fell sharply on bearish sentiments and reports of decline in Vietnam pepper prices. Vietnam FAQ 500 GL which was ruling at $4,200-4,300 a tonne (f.o.b.) dropped by about $200 to $4,050 a tonne (f.o.b.) on Monday. 550 GL is offered at $4,250 a tonne (f.o.b.). However, white pepper prices continued to move up and Vietnam is said to have quoted $5,950 a tonne (f.o.b.). Other factors which have pushed the futures down are the influence of sharp fall in the stock market and the weakening of Indian rupee against the dollar, market sources told Business Line. Indian parity dropped to $4,100 a tonne (f.o.b.). Last week, prices reported to have moved up by about 12 per cent. According to Brazil Pepper Trade Board as the prices were moving last week many exporters there stepped out of the market. “Prices from growers and middlemen changed almost hourly. Deals were reported of BASTA at $4100 f.o.b.”, it said. Indicative prices at the end of Saturday were: Basta $4150, B1 560 GL $3950-4000 and B2 500 GL at $3850-3900. CONTACT POSITIONMarch contract on NCDEX on Monday fell by Rs 644 a quintal to Rs 15,477. The fall in other contracts was from Rs 504 to Rs 706 a quintal. On NMCE, March contract dropped by Rs 624 a quintal to Rs 14,982. The drop in other contracts was from Rs 460 to Rs 656 a quintal. Total turnover on NCDEX went up by 6,533 to 18,198 tonnes, while that on NMCE it moved up by 830 tonnes to 1,990 tonne. Spot prices in tandem with the futures market trend fell by Rs 300 a quintal to close at Rs 14,500 (un-garbled) and Rs 15,100 (MG 1) on Monday. More Stories on : Spices & Condiments
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