Yesterday on Thursday, Indian futures market fell sharply despite some open interest, and all month futures closed below the previous day's closing price.
During the session, revenue increased as the joint operators tried to keep prices stable. The liquidation of the November contract and conversion to the December contract took place. The majority of transactions in the session focused on December contracts with high sales, conversions and additional purchases.
At the beginning of the session, November contract was relatively stable at Rs 42,600 a quintal, then decreased by Rs 490 to Rs 42,110 a quintal. In the middle of the session, the price recovered slightly and before closing, the price dropped sharply again before closing at a higher price than the previous session. December contract deals also similar.
On the spot, 10 tons of pepper were delivered and 6 tons were traded while there were no buyers. Domestic demand is almost nonexistent and it is expected that after November 18, demand will continue, market sources said.
On NCDEX, November contract closed at Rs 42,300 / quintal, down Rs 305. December and February 2013 contracts closed at Rs 41,590 a quintal and Rs 37,150 a quintal, down Rs 820 and 555 respectively.
Total revenue increased by 1,485 tons to 3,378 tons. Total open interest moved up by 125 tonnes to close at 8,480 tonnes.
November open interest dropped by 289 tonnes while open interest for December increased by 424 tonnes to 5,605 tonnes, indicating that liquidation and additional purchases took place. February open interest dropped by 9 tonnes to 809 tonnes.
Spot prices in tandem with the trend in the futures market dropped by Rs 300 a quintal and ended at Rs 39,700 a quintal for the pint and 41,200 Rrupi for the MG1 selected.
On the world market, Indian parity decreased to US $ 8,050 / ton (c & f) for the European market and US $ 8,350 / ton (c & f) for the US market. This price is still much higher than that of pepper from other sources.
Source Business Line / Giacaphe.vn
Source link
