Pepper prices yesterday, Wednesday, 22/5, have risen again due to purchasing power support session in IPSTA. The market was volatile and saw a number of sales sluggish, market sources said on Business Line.
There was demand from the state of Maharashtra after the trader strike ended. Similarly, there are indications that good buying power is coming from north Indian markets and all the support factors for prices to rise.
However, the weak rupee against the US dollar has made Indian pepper almost competitive in the international market and closer to Vietnamese pepper.
Local traders in Tamil Nadu and Delhi have been actively buying directly from farmers at prices higher than futures market prices, in cash and on-premises.
On the spot, 60 tons of pepper were delivered, 32 of which were from Karnataka, all of which were traded on the way.
On IPSTA, contracts for June, July and August increased by Rs 318, Rs 448 and Rs 123 respectively to close at Rs 34,998, Rs 35,204 and Rs 35,091, equivalent to USD 6,302 / tons, 6,339 USD / ton and 6,319 USD / ton. (1 USD = 55,5369 Rupees)
Total revenue decreased by 45 tonnes to 95 tonnes. However, the total open interest increased by 20 tonnes to 21 tonnes, which, according to market observers, needs to improve. The IPSTA source responded by saying that “it is due to some problems and will be fixed soon”.
Spot prices remained unchanged at Rs 33,500 / quintal (US $ 6,032 / ton) for the pint and 35,000 Rs / quintal (US $ 6,302 / ton) for the MG 1 option, upon request and supplied. fit.
Indian parity in the international market dropped to around US $ 6,550 per tonne (c & f) although the price hike was due to today's weakening Rupee vs USD.
Source Business Line / Giacaphe.vn
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