Indian pepper market increased its buying support so the price of all terms increased compared to the previous session.
The processing workshops in Wayanad and Idukki districts in Kerala state made spot purchases, processing and deposits on the exchange, then resold their October delivery contracts because it was profitable. , market sources said Business Line.
Sources said that large plantations in Karnataka state have also placed pepper deposits on the trading floor.
The price gap between October delivery contract and spot price widened. Meanwhile, many manufacturers and traders holding goods for years have decided to sell when the price reaches over 400 lakhs / kg.
Immediately 30 tons of pepper were delivered and all were traded at Rs 401, Rs 406 and Rs 410, while Rajkumari was traded at Rs 412 / kg.
On NCDEX, the final trading price (LTP) of October contract increased by Rs 80 to Rs 43,540 per quintal, while November and December contracts also increased by Rs 410 and Rs 340 respectively to Rs 42,950. and up to Rs 42,200 / quintal.
It is worth noting that the price of pepper futures on the Indian floor also has phenomenon of island prices (the price of futures is higher than the price of distant futures) and this contributes to the assertion that in the short term world pepper prices will likely increase.
Pepper prices in the spot market remained unchanged from the previous levels of Rs 40,100 / quintal for the buck and Rs 41,600 / quintal for selected pepper.
Indian special pepper on the world market is priced at 8,450 USD / ton (c & f) for October delivery and 8,150-8,350 USD / ton (c & f) for next month delivery. The exchange rate of Rupee is rising sharply against the USD also makes MG1 (Malabar) pepper become expensive, unable to compete on the international market.
Pepper prices of other origins are showing signs of increase and the current trend of origins is likely to increase to reach 7,500 USD / ton, at the same time if the price of Indian special pepper also decreases. down to 7,500 USD / ton, the price on the world market can be stabilized.
Another source said, in foreign markets, the supply has been completely exhausted.
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