According to the business announcement, pepper prices fell due to declining transactions although yesterday, Wednesday, December 26, the number of open contracts increased. As a result, all active contracts closed at prices lower than previous close sessions.
At the beginning of the session, the February contract opened at a fairly stable price and gradually increased to Rs 34,950 a quintal, then traded with high volatility. At the close of the day, the February contract dropped sharply by Rs 1,035 to Rs 33,915 a quintal, which is the lowest price of the day.
After that, the contract recovered slightly and the final trading price (LTP) was Rs 34,045 a quintal. However, the closing price is quoted at Rs 34,080 a quintal.
The March contract also saw similar activity.
On NCDEX, February contract dropped by Rs 840 and closed at Rs 34,080 a quintal ($ 6,216 / ton), while March and April contracts fell by Rs 685 and Rs 575, respectively. at Rs 33,860 / quintal and Rs 34,035 / quintal (equivalent to USD 6,143 / ton and USD 6,208 / ton). (1 USD = 54,8284 Rupees)
Total revenue increased by 1,022 tons and closed at 1,914 tons, showing that business activities were going well. Total open interest increased by 295 tonnes to 3,307 tonnes.
February open interest increased by 239 tonnes to 2,569 tonnes, March increased by 53 tonnes to 609 tonnes and April increased by 5 tonnes to 109 tonnes.
Spot prices in tandem with the trend in the futures market dropped by Rs 300 to Rs 36,500 a quintal (US $ 6,557 per tonne) for shovels, and to Rs 38,000 a quintal (US $ 6,931 a ton). for MG1 pepper, although demand is good, while real stocks are still scarce.
Source Business Line / Giacaphe.vn
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