(7/1) – Pepper prices in the futures market and the Indian spot market eased due to reports that Vietnamese products were easier and demand was falling.
Weakening domestic demand has pulled the spot price down. All customers withdrew from the market hoping that prices will fall as new crop arrivals in India and Vietnam hit the market, sources said. Business Line.
As pouring oil into the fire, a number of federally supplied Malabar pepper is around Rs 600 a kg equivalent to US $ 8,850 per tonne (c & f) for the US and the downward trend is still spreading in the market. Supply continues to be very thin.
Domestic demand is met directly by rail, from various sources in central Kerala and from federal agents in Tamil Nadu, through small shipments.
On NMCE, the contract for the first two months of the year decreased by Rs 225 and Rs 418, corresponding to Rs 52,600 / quintal and Rs 52,394 / quintal (equivalent to US $ 8,440 / ton and 8,407 USD / ton). Sales increased to 21 tons. Open interest remained unchanged at 25 tonnes. (1 USD = Rs 62,3252)
On IPSTA, the contract for the first two months of the year decreased to the maximum allowed level. They reduced Rs 1,000 per contract to Rs 51,500 / quintal and Rs 50,518 / quintal (equivalent to 8,263 USD / ton and 8,106 USD / ton).
Spot prices went down to Rs 50,000 / quintal (US $ 8,022 / ton) for the pint and 52,000 Rs / quintal (US $ 8,343 / ton) for the selected type.
Falling prices along with weakening Rupee pushed Indian export prices down to US $ 8,600 / ton (c & f) Europe and US $ 8,850 / ton (c & f) for the US.
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Source Giacaphe.vn
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