Indian pepper market on Thursday, January 31, tended to decrease in availability and therefore all contracts traded were closed below the previous day's price.
February contract opened at Rs 38,710 a quintal and then dropped to Rs 38,525 a quintal just after the start of the trade. Only 15 tonnes of pepper were delivered today and traded at Rs 385, Rs 395 and Rs 405 per kg depending on quality and humidity.
February contract on NCDEX dropped Rs 130 to Rs 38,745 a quintal ($ 7,307 / ton). March and April decreased by Rs 195 and Rs 100 respectively to close at Rs 36,945 per quintal and Rs 35,560 per quintal (equivalent to USD 6,968 per ton and USD 6,707 per tonne). (1 USD = 53.0214 Rupees)
Total turnover dropped by 390 tonnes to 2,339 tonnes. Total open interest increased by 175 tonnes to 3,541 tonnes. Spot prices remained unchanged at Rs 39,900 / quintal for the un-classified (equivalent to USD 7,525 / ton) and Rs 41,400 / quintal for the MG1 type (approximately USD 7,808 / ton).
Indian special pepper on the international market is 8,350 USD / ton for spot shipment. February delivery is 7,400 USD / ton, while March delivery is 7100 USD / ton.
According to Indian traders, winter is the time when domestic demand peaks at 5,000-6,000 tons / month, from January to March, compared to the normal monthly demand that ranges from 3,000 to 4,000 tons.
Source Business Line / Giacaphe.vn
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