Kochi: Pepper futures market shot up on Monday on reports of Vietnam offering its pepper at higher prices due to lack of selling pressure. Run-up to Budget 2008-09
The market witnessed high volatility and the speculative activities pushed up the prices to touch almost the circuit level in morning session of trading and then came down to close at Rs 230 a quintal above last Saturday’s levels.
Investors became active and were buying spot and selling futures. Domestic demand also slowed down as the prices showed an upward swing.
Tight supply position is felt in the international market and buyers have started making enquiries with Indian exporters about the trend here. They still hope that once the arrivals at the market here increased the prices may decline.
Indian parity has crossed $4,000 a tonne (c&f). Brazil reported to have sold almost everything while the situation in Indonesia is also same and hence it is not in the market.
Overseas reports on Monday on Vietnamese market said that farmers in Vietnam were holding back their produce aimed at pushing the prices up. As a result, the Asta grade pepper is offered at $4,300 a tonne (f.o.b.). FAQ 500GL and FAQ 550 GL is offered at $3,750 and $3,950 a tonne (f.o.b.) respectively.
CONTRACT POSITION
March contract on NCDEX increased by Rs 238 a quintal to close at Rs 15,340 from Rs 15,102. The rise in other contracts was from Rs 237 to Rs 304 a quintal.
On NMCE March contract went up by Rs 154 a quintal to close at Rs 15,030 from Rs 14,876. The increase in other contracts was from Rs 265 to Rs 301 a quintal.
Total turnover on NCDEX moved up by 7,423 tonne to 20,385 tonne while that on NMCE went up by 1,173 tonne to 2,259 tonne. On NMCE total open interest moved up by 44 tonne to 1,681 tonne.
Spot prices in tandem with the futures market trend shot up by Rs 200 a quintal on Monday to close at Rs 14,100 (un-garbled) and Rs 14,700 (MG 1).
The market witnessed high volatility and the speculative activities pushed up the prices to touch almost the circuit level in morning session of trading and then came down to close at Rs 230 a quintal above last Saturday’s levels.
Investors became active and were buying spot and selling futures. Domestic demand also slowed down as the prices showed an upward swing.
Tight supply position is felt in the international market and buyers have started making enquiries with Indian exporters about the trend here. They still hope that once the arrivals at the market here increased the prices may decline.
Indian parity has crossed $4,000 a tonne (c&f). Brazil reported to have sold almost everything while the situation in Indonesia is also same and hence it is not in the market.
Overseas reports on Monday on Vietnamese market said that farmers in Vietnam were holding back their produce aimed at pushing the prices up. As a result, the Asta grade pepper is offered at $4,300 a tonne (f.o.b.). FAQ 500GL and FAQ 550 GL is offered at $3,750 and $3,950 a tonne (f.o.b.) respectively.
CONTRACT POSITION
March contract on NCDEX increased by Rs 238 a quintal to close at Rs 15,340 from Rs 15,102. The rise in other contracts was from Rs 237 to Rs 304 a quintal.
On NMCE March contract went up by Rs 154 a quintal to close at Rs 15,030 from Rs 14,876. The increase in other contracts was from Rs 265 to Rs 301 a quintal.
Total turnover on NCDEX moved up by 7,423 tonne to 20,385 tonne while that on NMCE went up by 1,173 tonne to 2,259 tonne. On NMCE total open interest moved up by 44 tonne to 1,681 tonne.
Spot prices in tandem with the futures market trend shot up by Rs 200 a quintal on Monday to close at Rs 14,100 (un-garbled) and Rs 14,700 (MG 1).
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