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Ever since the financial crisis surfaced on the National Spot Exchange, activities in the national and commodity specific regional exchanges have fallen sharply, according to market sources.
Turnover in these exchanges trading in pepper has been showing significant drop ever since the NSEL crisis began in late October/November, trade sources alleged.
Many dealers as well as brokers in Kerala who have lost substantial money are claimed to have lost confidence in the market and not participating. As a result, the daily turnover has become negligible on both the exchanges, they said.
On the IPSTA, price at the flooring level in the last 30 minutes of trading was taken as closing price without any transaction, they said. On the national exchange also the volume shown is negligible.
On the NMCE, February and March contracts lost ₹200 and ₹551 respectively to ₹53,100 and ₹53,300 quintal. Turnover increased by two tonnes to five tonnes. Total net open position moved up by just one tonne to 29 tonnes.
Spot prices fell by ₹200 to ₹51,000 (ungarbled) and ₹53,000 (garbled) a quintal on weak demand.
Export prices were at $8,650 (c&f) for the Europe and $8,900 a tonne (c&f) for the US and has become irrelevant, the trade claimed.
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