Kochi: Pepper futures continued its upward run on speculative activities and reports of tight supply position.
A strong rupee against dollar also contributed to the rise. Indian parity on Monday was at $3,900 a tonne (c&f).
Arrivals at the terminal market of the new crop on Monday were a meagre 2 tonnes as against 25-30 tonnes during the same period normally the previous years. Buyers were ready to buy the new pepper one rupee above the January price of the exchange, market sources told Business Line.
Domestic demand continued to remain strong and it is fully met by direct buying from the primary markets.
In the international market sellers were seemingly reluctant to sell anticipating higher prices in the coming days.
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Vietnam prices ruled high on squeeze in supply as the farmers there are said to be still holding back their 2007 crop. Unlike in the past they are keeping the fallen light berries of the 2008 crop instead of selling.
With the coffee prices ruling high the farmers are reportedly not interested in selling pepper and this in turn might witness a repeat of Vietnam’s last year crop. Already there is said to be not much carry over stock now. Cross-border trading coupled with hording might create a tight supply position which in turn might push up the prices.
Vietnam was offering 500 GL at $3,300 a tonne (f.o.b.), while 550 GL at $3,480 a tonne (f.o.b.). It was not offering Asta grade.
Contract position
January contract on NCDEX increased by Rs 271 a quintal on Monday to Rs 14,280. The rise in other contracts was from Rs 157 to Rs 313 a quintal. On NMCE, January contract moved up by Rs 183 a quintal to Rs 14,006. Increase in other contracts except April was from Rs 148 to Rs 288 a quintal. April fell by Rs 190 a quintal.
Total turnover on NCDEX shot up by 6,423 tonnes to 17,295 tonnes, while that on NMCE moved up by 483 tonnes to 1,651 tonnes.
Total open interest on NCDEX increased by 887 tonnes to 21,032 tonnes. January position fell by 17 per cent while that of February and March went up by 53 per cent and 17 per cent respectively. On NMCE, the total open interest moved up by 117 tonnes to 1,510 tonnes.
Spot prices in tandem with the futures market trend and the buying support increased by Rs 200 a quintal on Monday to close at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1).
A strong rupee against dollar also contributed to the rise. Indian parity on Monday was at $3,900 a tonne (c&f).
Arrivals at the terminal market of the new crop on Monday were a meagre 2 tonnes as against 25-30 tonnes during the same period normally the previous years. Buyers were ready to buy the new pepper one rupee above the January price of the exchange, market sources told Business Line.
Domestic demand continued to remain strong and it is fully met by direct buying from the primary markets.
In the international market sellers were seemingly reluctant to sell anticipating higher prices in the coming days.
• Check out our Yearender Special
Vietnam prices ruled high on squeeze in supply as the farmers there are said to be still holding back their 2007 crop. Unlike in the past they are keeping the fallen light berries of the 2008 crop instead of selling.
With the coffee prices ruling high the farmers are reportedly not interested in selling pepper and this in turn might witness a repeat of Vietnam’s last year crop. Already there is said to be not much carry over stock now. Cross-border trading coupled with hording might create a tight supply position which in turn might push up the prices.
Vietnam was offering 500 GL at $3,300 a tonne (f.o.b.), while 550 GL at $3,480 a tonne (f.o.b.). It was not offering Asta grade.
Contract position
January contract on NCDEX increased by Rs 271 a quintal on Monday to Rs 14,280. The rise in other contracts was from Rs 157 to Rs 313 a quintal. On NMCE, January contract moved up by Rs 183 a quintal to Rs 14,006. Increase in other contracts except April was from Rs 148 to Rs 288 a quintal. April fell by Rs 190 a quintal.
Total turnover on NCDEX shot up by 6,423 tonnes to 17,295 tonnes, while that on NMCE moved up by 483 tonnes to 1,651 tonnes.
Total open interest on NCDEX increased by 887 tonnes to 21,032 tonnes. January position fell by 17 per cent while that of February and March went up by 53 per cent and 17 per cent respectively. On NMCE, the total open interest moved up by 117 tonnes to 1,510 tonnes.
Spot prices in tandem with the futures market trend and the buying support increased by Rs 200 a quintal on Monday to close at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1).
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