A weak rupee has pushed Indian pepper prices down to competitive prices on the international market. This phenomenon paved the way for the upward trend in the futures market to increase at the national trading floor (NMCE).
National importers are allowed to import cheap pepper materials such as nail tips, sparklers, etc. for domestic consumption.
Vietnam has announced to sign an import contract of about 150 tons and 50% of the goods have been shipped.
About 20 tons of farm grade pepper were delivered but the market was closed due to the “Janmashtami” holiday, with no transactions. The same situation occurs in most domestic markets due to holidays.
September and October contracts on NMCE National Commodity Exchange increased by Rs 927 / kg and 273 Rs / kg to the final trading price (LTP) at Rs 44,700 / quintal and at Rs 44,500 / quintal ($ 6,495 USD). / ton and 6,466 USD / ton). (1 USD = 68.8194 Rupees)
Total open interest increased by 2 tonnes to 61 tonnes. Total turnover increased by 3 tonnes to 19 tonnes.
The spot market is still closed. Closing prices on Tuesday were Rs 40,200 a quintal (US $ 5,841 per tonne) for pail and Rs 42,200 a quintal (US $ 6,132 per tonne) for selected pepper.
Indian specialty black pepper on the international market has dropped following the weakening of the rupee to about USD 6,750 / ton (c & f) to Europe and about USD 7,000 / ton (c & f) to the US. MG1 specialty pepper has become more competitively priced.
Source Giacaphe.vn
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