The pepper market yesterday dropped because the bulls who were holding large stocks were liquidating stocks.
November contract caused confusion when closing the session with prices dropping sharply to 3% while other contracts only slightly decreased compared to the previous day.
There were 302 tons of pepper delivered, bringing the total amount of goods distributed through the exchange to 1,642 tons.
Accordingly, the November contract liquidated 97 tons, resulting in a drop of Rs 1,135 a quintal. While transactions were still focused on 81% of the contract in December and the open position only decreased by 1 ton.
In the spot market, 7 tons of pepper were delivered and 5 tons were traded.
On NCDEX, November contract dropped 855 lakhs and closed at 39,325 lakhs a quintal. December and February contracts simultaneously fell by Rs 90 and closed at Rs 39,065 a quintal and Rs 36,280 a quintal.
Total revenue increased by 181 tons to 3,188 tons. Total open interest dropped by 365 tonnes to 8,164 tonnes.
November contract dropped by 399 tonnes to 201 tonnes and December contract dropped by 1 tonnes to 6,538 tonnes, while that of February 2013 increased by 28 tonnes to 1,172 tonnes.
Closing on Tuesday, November 20, the spot price of pepper remained unchanged due to limited activities at Rs 38,200 / quintal (US $ 6,923 / ton) for all types of pepper and at Rs 39,700 / quintal ( Equivalent to 7,195 USD / ton) for the selected type. (1 USD = 55,1771 rupees)
On the world market, the type of Malabar pepper is 7,500 USD / ton, continuing to be nearly 1,000 USD / ton higher than that of other origins. “In fact, trading on the floor has made Malabar pepper a joke in the world market,” market sources allege.
Source Business Line / Giacaphe.vn
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