Pepper market on Wednesday, February 27, bounced back due to slow selling pressure and therefore all contracts were traded ended above the previous day closing.
There is no reason for the market to rise today, trade commented. In fact, the market is being pushed up or pulled down by the whims and speculators' imagination. There are signs that the commodity is slowly arriving today, the bulls have become aggressive and pushed the market up.
“High volatility in the market often hurts trade,” the market source said Business Line know . Because of the big difference between March to April conversion, and April through May at a lower average. 55 tons of fresh pepper were traded on the spot.
Trade, meanwhile, believes that the release of pepper in stock can be delayed indefinitely as they have stated that the distribution agents told investors on the floor that the consignments were not because of too many identities. This phenomenon has also helped the bulls to push the market up.
With the fluctuations in the trading day being high while pepper is just a small commodity, farmers, distributors, traders and investors have proposed the authorities to bring the daily price fluctuation range from 4% of the current down to 2%.
March contract on NCDEX increased Rs 805 to close at Rs 37,875 a quintal (US $ 7,029 per tonne). April and May increased by Rs 540 and Rs 415, respectively, to close at Rs 35,305 / quintal and Rs 34,260 / quintal (equivalent to USD 6,552 / ton and 6,358 USD / ton). (1 USD = 53.8865 Rupees)
Total turnover increased by 823 tonnes to 2,560 tonnes. Total open interest dropped by 46 tonnes to 3,465 tonnes.
March open interest dropped by 119 tonnes to 1,833 tonnes while April increased by 34 tonnes to 914 tonnes and in May increased 39 tonnes to close at 718 tonnes.
Spot prices in tandem with the futures market trend increased by Rs 300 to close at Rs 38,300 a quintal (US $ 7,108 per tonne) for pint and 39,800 a quintal (US $ 7,386 per tonne) for the same type. select MG1.
Indian parity in the international market increased after increasing in the futures market, with the exchange rate of the Rupee rising against the USD, at US $ 7,700 per tonne (c & f) for fast delivery, and for March delivery. 7,500 USD / ton (c & f) and delivered in April 7,000 USD / ton (c & f).
Source Business Line / Giacaphe.vn
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