Of the Yamaha partnership and e-mobility
Atsushi Ogata is all smiles when asked if Honda will deepen its partnership with Yamaha. Four years ago, when ...
Pepper futures on Monday dropped on bearish activities coupled with liquidation and reports of increased arrivals of new pepper.
Investors bought graded exchange delivered pepper at Rs 3-3.25 below the February price from expert processors and got it allegedly deposited in select warehouses. Expert processors were buying farm grade pepper.
Investors were, at the same time, selling March delivery against their purchases at Rs 3-3.25 above the Feb delivery price. These factors created pressure on the market and that in turn, pulled the futures down.
Meanwhile, exporters alleged that they could not buy it from expert processors. Because of this benefit, normal investors were turning towards pepper, of late, market sources told Business Line.
Farm grade pepper
Arrival of farm grade pepper has increased. Some 50-55 tonnes of new pepper arrived afloat from various growing areas directly to processors and internal dealers, they said. Arrivals also reportedly started in north Malabar and Madikeri region of Karnataka of low bulk density pepper.
Thus, there was some liquidation and selling pressure pushing the prices down.
February contract on NCDEX fell Rs163 to close at Rs 22,936 a quintal. The prices dropped at closing hours which witnessed high volatility and it was not a good sign, market observers pointed out.
March and February contracts dropped Rs161 and Rs156 respectively to close at Rs 23,323 and Rs 23,663 a quintal.
Total turnover moved up 765 tonnes to 7,175 tonnes. Total open interest dropped 123 tonnes to 12,753 showing liquidation.
Spot prices
Spot prices dropped Rs 100 on some selling pressure to close at Rs 21,500 (ungarbled) and Rs 22,300 (MG 1) a quintal.
Indian parity in the international market was at $5,250-5,275 a tonne (c&f).
Prices of other origins would be known tomorrow. Many of the overseas buyers were reportedly waiting for the new crop to arrive in India and Vietnam, hoping it would pull down the prices further, trade sources added.
Please Email the Editor