Last week, the pepper market fluctuated slightly as usual because activities were limited mainly due to Holi holidays in northern India and Easter in Kerala state. By the end of the week, prices remained almost flat on demand and supply.
Pepper of good quality has been limited. However, Karnataka pepper was sold for Rs 325 – Rs 335 a kg delivered anywhere in India.
On the trading floor, although the contract for April delivery is about to expire but still not ready. The position holders said they had bought the hedge and chose to receive it, market sources said Business Line know.
Available for liquidation in April and May terms. However, the holders of the long positions were bought.
After reports of 34 tons of pepper in a warehouse were circulated, rumors spread earlier this week that many long-term cages in warehouses were allowed for early circulation by the food safety authority. to free up warehouses will create a surge in supply. However, the business alleges that 6,800 tons of this pepper were not sampled for testing in designated laboratories before being released.
On the other hand, trade assumes that as of December 20, 2012 only 63 tonnes remained unresolved.
Last week also saw sellers at discounted prices paid by buyers since March 31 and earlier. This phenomenon has triggered investors to push the market down on Monday.
Meanwhile, agents of the pepper mill in Chennai and Erode have been reported to buy high-density pepper from Idukki and Kerala districts at the prices of the futures market in cash and executed at the facility.
Trade believes that domestic demand from next month will soon appear as most of the nation-wide stock remains empty. Drought and disease in some areas of Idukki have affected crops in the district, according to some growers, saying that yields are minimal. The same thing is given by growers in some areas of Wayanad. “Actual production may be less than 50,000 tons this season,” said a primary market agent in Kattappana.
The futures market showed a mixed trend with the up and down price band while the spot price remained unchanged.
For the week, on the NCDEX April contract fell 25 Rupees to close at Rs 35,950 a quintal (equivalent to $ 6,550 per ton) on Saturday while the May contract increased by Rs 15 to close at Rs 35,935 / quintal (equivalent to USD 6,547 / ton).
Total turnover dropped by 4,898 tonnes to 3,222 tonnes indicating declining activity. Total open interest dropped by 169 tonnes to 2,120 tonnes.
Weekend. Spot prices remained unchanged at Rs 34,800 / quintal (equivalent to US $ 6,340 / ton) for the pail and Rs 36,300 / quintal (US $ 6,614 / ton) for the MG 1 option, in line with demand and provided.
Indian special pepper on the international market costs 6,925 USD / ton (C&F) for fast delivery, while April and May delivery costs 6,850 USD / ton (C&F) almost unchanged.
Source Business Line / Giacaphe.vn
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