Kochi: Pepper futures market moved downward on Tuesday on bearish activities and reported decline in other origins.
Selling pressure was slow. Investors were selling futures and buying spot exchange delivered pepper while investors whose goods are expiring opted for delivery.
Vietnam said to have reduced its prices of 500 GL to $3,820-3,850 a tonne (f.o.b.) while 550 GL was being offered at $4,020-4,050 a tonne. V Asta was quoted at $4,456 a tonne (f.o.b.). The firm trend in Vietnam is attributed to the weakening of the dollar, market sources said.
Brazil B2 was being offered at $3,700 a tonne (f.o.b.) while B1 at $3,800 a tonne and B Asta at $3,850 a tonne (f.o.b.).
Indian MG 1parity was at $3,950-3,975 a tonne (c&f) and remained competitive.
Rise in crude oil prices might result in the rupee weakening further and in that case “we may be able to export our pepper”, trading sources told Business Line.
CONTRACT POSITION
March contract on NCDEX dropped by Rs 203 a quintal on Tuesday to close at Rs 14,733. The drop in other contracts except September was from Rs 15 to Rs 231 a quintal while September was up by Rs 421 a quintal.
On NMCE March contract declined by Rs 79 a quintal to close at Rs 14,550 from Rs 14,629. The fall in other contracts except June was from Rs 151 to Rs 259 a quintal. June moved up by Rs 38 a quintal.
Total turn over on NCDEX went up by 1,514 tonne to 10,959 tonne while on NMCE it declined by 25 tonne to 1,547 tonne.
Total open interest on NCDEX moved up by 198 tonne to 22,460 tonne. March position declined by 17 per cent while April and May moved up by 62 per cent and 16 per cent.
Total open interest on NMCE increased by 175 tonne to 2,033 tonne.
Spot prices ruled steady at previous levels at Rs 14,300 (un-garbled) and Rs 14,900 (MG 1) a quintal on Tuesday.
Selling pressure was slow. Investors were selling futures and buying spot exchange delivered pepper while investors whose goods are expiring opted for delivery.
Vietnam said to have reduced its prices of 500 GL to $3,820-3,850 a tonne (f.o.b.) while 550 GL was being offered at $4,020-4,050 a tonne. V Asta was quoted at $4,456 a tonne (f.o.b.). The firm trend in Vietnam is attributed to the weakening of the dollar, market sources said.
Brazil B2 was being offered at $3,700 a tonne (f.o.b.) while B1 at $3,800 a tonne and B Asta at $3,850 a tonne (f.o.b.).
Indian MG 1parity was at $3,950-3,975 a tonne (c&f) and remained competitive.
Rise in crude oil prices might result in the rupee weakening further and in that case “we may be able to export our pepper”, trading sources told Business Line.
CONTRACT POSITION
March contract on NCDEX dropped by Rs 203 a quintal on Tuesday to close at Rs 14,733. The drop in other contracts except September was from Rs 15 to Rs 231 a quintal while September was up by Rs 421 a quintal.
On NMCE March contract declined by Rs 79 a quintal to close at Rs 14,550 from Rs 14,629. The fall in other contracts except June was from Rs 151 to Rs 259 a quintal. June moved up by Rs 38 a quintal.
Total turn over on NCDEX went up by 1,514 tonne to 10,959 tonne while on NMCE it declined by 25 tonne to 1,547 tonne.
Total open interest on NCDEX moved up by 198 tonne to 22,460 tonne. March position declined by 17 per cent while April and May moved up by 62 per cent and 16 per cent.
Total open interest on NMCE increased by 175 tonne to 2,033 tonne.
Spot prices ruled steady at previous levels at Rs 14,300 (un-garbled) and Rs 14,900 (MG 1) a quintal on Tuesday.
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