Pepper market yesterday, Wednesday 2/1, after holding high volatility has increased due to trading turnover after the uptrend dominates the market. As a result, all contracts that are trading are closed at a price higher than the closing price of the previous session.
The mayor opened at Rs 34,100 a quintal, then fell to a low price. However, in the afternoon session, prices rose and touched the highest level of the day at Rs 34,765 a quintal. In the context of high volatility, the last traded price (LTP) was at Rs 34,515 a quintal.
For total revenue, 86% is in February, while in March it is only 11% and April is 3%. Despite high turnover, the February open interest dropped by 6 tonnes, showing that the round trade was very good by bulls. They came back and pushed prices up because of the fundamentals in their favor, market sources said Business Line.
Farmers, small and medium traders think that high volatility in the market is not in their favor due to the fierce competition between the two speculators is still ongoing. They said 4% of the daily fluctuation range of Rs 400 / kg of black pepper is not beneficial, so it should be reduced to 2.5%.
New service was delivered
In the spot market, 17 tons of new pepper were delivered. Because of the high moisture content of the pepper, which is said to be 24%, and with a weight of 450 GL, pepper is traded at Rs 330 per kg. Total trading volume is about 19 tons.
On NCDEX, the February contract increased by Rs 285 a quintal and closed at Rs 34,460 a quintal while the March and April contracts increased by Rs 140 and Rs 35 respectively, to close at Rs 33,825 a quintal and Rs 33,695 a quintal. quintal (equivalent to 6,340 USD / ton, 6,223 USD / ton and 6,200 USD / ton). (1 USD = 54.3511 lakhs)
Total turnover increased by 675 tons and closed at 1,599 tons. Total open interest increased by 29 tonnes to 3,678 tonnes. February open interest dropped by 6 tonnes to 2,806 tonnes while open interest in March increased by 10 tonnes to 692 tonnes and April increased by 25 tonnes to 159 tonnes.
Spot prices in tandem with the trend in the futures market increased by Rs 300 to Rs 36,800 a quintal (US $ 6,771 per tonne) for pepper and to Rs 38,300 a quintal (US $ 7,047 per tonne). with MG1 selection type.
On the world market, Indian parity was valued at US $ 7,300 per tonne (c & f) corresponding to the spot price of Rs 383 a kg while the futures price for February contract was US $ 6,600 a tonne (c & f). .
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