Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
pepper - Business Line
Pepper futures on Wednesday fell sharply on heavy liquidation coupled with news of import of pepper from Vietnam and supported by bearish activities.
There was switching over and liquidation from February to nearby positions.
There were reports of 500 tonnes of 550 GL pepper have been bought by Indian importers at $4,800 a tonne (c&f) Kochi, which would be arriving here soon and it will work out to below Rs 22,200 a quintal.
The importers are allegedly bringing the material duty free on “dummy contracts” and may not be re-exporting under this contract, growers claimed.
Therefore, the growers urged the Government to look into this aspect.
They said importers should have a confirmed re-export contract against which only they should be allowed to import and it has to be strictly monitored to ensure that the contract submitted for obtaining import licence has been utilised properly in its letter and spirit, market sources told Business Line.
“They have got a long rope of 120 days for value addition and re-export and all out efforts are allegedly being made to get this period extended further”, they said.
“Such loopholes needed to be plugged,” they demanded.
Some of these importers, they alleged, said to have sold March delivery on the exchange platform at Rs 250 a kg.
The bear operators have asked domestic buyers to stay away from the market saying prices would collapse in the coming days as more Vietnam pepper would enter the market, they said.
Meanwhile, January shipments have not been moved out of the Kochi port because of the uncertainty existing over a settlement with the striking workers.
February contract on NCDEX fell by Rs 1,015 a quintal to close at Rs 24,375. March and April dropped by Rs 779 and Rs 741, respectively, to close at Rs 23,499 and Rs 23,570 a quintal.
Total turnover moved up by 986 tonnes to 14,732 tonnes. Total open interest fell by 273 tonnes to close at 16,809 tonnes.
February open interest dropped by 1,214 tonnes to 5,672 tonnes while that of March and April moved up by 694 tonnes and 210 tonnes, respectively, to close at 8,877 tonnes and 1,828 tonnes.
Spot prices fell in tandem with the futures market trend and some selling pressure to close at Rs 22,200 (ungarbled) and Rs 23,000 (MG 1) a quintal.
In the international market, the Indian parity dropped to $5,425-5,450 a tonne (c&f) and there exists a fluid scenario. “Everybody is confused. Uncertainty prevailed,” they said.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
Here is a checklist that equips you to discern the market nuances
Sensex, Nifty 50 have witnessed sharp decline
The fund has consistently outperformed S&P BSE 100 TRI over one, three and five years
Returns are superior to immediate annuity plans, but SCSS can secure better rates for new investors sooner if ...
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
The country hasn’t had a quiet moment since the military seized power on February 1
The Tatmadaw sees itself as an embodiment of the nationalist soul of Myanmar. But their brand of nationalism ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor