The Indian pepper market continued its uptrend with the purchase of new contracts which pushed two active futures up and one down although the profit of the open contract yesterday was very positive. .
Rumor has it that a growing group of speculators will be speculating an additional 5,000 tons of pepper, while earlier it was estimated that they had speculated 5,500 tons of pepper with an investment of up to 250 million rupees. At the same time, there were rumors that pepper price increase will also spread widely.
On the other hand, multinational companies from various origins have come up with an estimate of next year's Indian pepper output reaching 70,000 tons. While international commodity news sites reported by foreign traders estimated Indian pepper production was about 63,000 tons.
Some pepper growers in Kerala said this year's production would be slightly higher than last year, while some large producers in Karnataka said the crop here would be nearly double that of the previous one.
Indian market is having a very high price, nearly 2,000 USD / ton higher than other sources currently offering Asta black pepper at 6,500 – 6,700 USD / ton. The standard type of FAQ 500 GL is offered at a price of 6,150 – 6,200 USD / ton.
The Indian domestic market is currently very strong and is helping speculators access the market, trade sources said.
On NCDEX, the contract closing price in November decreased by Rs 155 to Rs 44,175 / quintal (equivalent to USD 8,151 / ton) and the contract in February 2013 decreased by Rs 135 to Rs 38,865 / quintal (equivalent to USD 7,172 / ton). , meanwhile, December contract increased by Rs 155 to Rs 43,355 / quintal (equivalent to USD 8,000 / ton). (1 USD = 54,1933 Rupees)
Total turnover decreased by 218 tonnes to 1,543 tonnes.
Total open interest increased by 284 tonnes to 8,213 tonnes. In which, open interest in November increased by 41 tons to 5,610 tons, in December increased by 219 tons to 2,479 tons and in February increased by 21 tons to 546 tons.
Spot prices in tandem with the trend in the futures market remained stable at Rs 40,700 / quintal (equivalent to USD 7,510 / ton) with buckets and Rs 42,200 / quintal (equivalent to USD 7,787 / ton) with the same option. . Today spot market of 14 tonnes of pepper was brought in and traded.
On the world market, Indian specialty pepper was priced at 8,500 USD / ton (c & f) for European goods and 8,800 USD / ton (c & f) for shipments to the US, still very high compared to prices from other sources.
Source Business Line / Giacaphe.vn
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