Business Daily from THE HINDU group of publications
Wednesday, Oct 04, 2006
Agri-Biz & Commodities
Spices & Condiments
Pepper futures market down
Kochi , Oct. 3
Pepper futures market on Tuesday declined on selling pressure.
"It could be viewed as a technical correction" as the futures were trading at very high premium, market observers told Business Line.
Investors were buying spot and selling futures, which was being financed by banks and commodity brokers, they said.
October contract on NCDEX dropped by Rs 218 a quintal to close at Rs 13,490 from Rs 13,708 while on NMCE it fell by Rs 250 to close at Rs 13,112 a quintal from Rs 13,369 on last Saturday.
The decline in other positions on NCDEX was from Rs 271 to Rs 379 a quintal where as on NMCE it was from Rs 23 to Rs 387.
The total turnover on NCDEX was up by 918 tonnes to close at 26,497 tonnes from 25,579 tonnes.
On NMCE, it increased by 1,754 tonnes to 6,652 tonnes from 4,898 tonnes.
The total open interest on NCDEX stood at 26,823 tonnes compared to 26,768 tonnes last Saturday, while on NMCE, it was at 5,423 tonnes as against 5,332 tonnes.
The outstanding position for October, November and December on NCDEX was 5,629 tonnes, 12,100 tonnes and 5,056 tonnes respectively.
On NMCE, the outstanding position for December stood at 3,071 tonnes.
There was no selling pressure in the spot. The international market was steady without much activity.
In Brazil, there were sellers for B1 at $2,700 a tonne (FOB) but the buyers said to have withdrawn.
However, some trading was reportedly taken place for it at $2,650 (f.o.b). Brazil was offering B Asta at $2,750 a tonne (f.o.b) while B2 at $2,600 (f.o.b).
Lampong Asta was being quoted at $3,550-$3,575 a tonne (c&f). Indian parity was at $3,300-$3,325 a tonne. Some small transactions said to have taken place last weekend for MG1 at $3,275 a tonne (c&f) from India.
There was not much activity in Vietnam.
However, some stray trading was reportedly there in which FAQ 500 GL was traded at $2,750 a tonne.
In tandem with the decline in futures market, the spot prices here dropped by Rs 100 a quintal to close at Rs 12,300 (un-garbled) and Rs 12,700 (MG 1) on Tuesday.
More Stories on : Spices & Condiments
Stories in this Section
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2006, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line