Pepper prices continued to increase yesterday, Wednesday 9/1, thanks to the support of good buying in the context of tight supply. All of the deals traded up and closed above the previous day's close.
February contract opened at Rs 34,785 a quintal, down by Rs 50 and hit the lowest price of the day at Rs 34,395 a quintal and fluctuated with trading until the afternoon. After that, it moved up and reached the highest price of the day at Rs 35,395 / quintal, up Rs 660, from the lowest price of the day and then turned down gradually to the final trading price of Rs 35,100 / quintal. .
There is currently no consumption for domestic consumption. Dealers are still actively seeking to buy pepper from Tamil Nadu. Some people are said to have bought a high deposit at Rs 380 / kg pepper from Idukki region but no seller was found. Any amount of net food directly offered by farmers is priced by dealers, market sources said.
The weather is currently very bad, cloudy skies are hindering harvesting and in pepper growing areas more and more growers are not harvested.
On the spot, 12 tons of new pepper from the southern district were sold for Rs 350, Rs 360 and Rs 373 per kg. February contract on NCDEX increased by Rs 365 and closed at Rs 35,105 per quintal (equivalent to USD 6,412 / ton). March and April contracts increased by Rs 200 and Rs 100 respectively to close at Rs 34,140 a quintal and Rs 33,910 a quintal (equivalent to USD 6,235 per tonne and USD 6,193 per tonne). (1 USD = 54,7511 Rupees)
REVENUE
Total turnover increased by 941 tons and closed at 2,001 tons. Total open interest increased by 170 tonnes to 3,941 tonnes.
February open interest increased by 104 tonnes to 2,862 tonnes, while that of March open interest increased by 44 tonnes to 755 tonnes and April moved up by 21 tonnes to 301 tonnes.
Spot prices, in tandem with the futures market trend, increased by Rs 100 to close at 37,300 Rupee / quintal (equivalent to US $ 6,813 / ton) for pepper and 38,800 Rs / quintal (US $ 7,087 / ton) for MG1 selected.
Indian parity in the international market today increased by US $ 7,400 a tonne, while February's price was US $ 6,700 a tonne (C&F). Pepper prices are also supported by the high Rupee / USD exchange rate.
Source Business Line / Giacaphe.vn
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