Pepper prices rebounded on Monday 11/3 after having declined continuously in the past few days. The slight selling pressure in Kerala also helped the price rise and therefore all contracts ended above the previous day closing.
The selling pressure has slowed and dealers are not getting replacement goods at lower levels because farmers are hesitant to sell at current prices, market sources said. Business Line know.
The March contract opened at the lowest price and traded at high volatility, then moved up and the final trading price was Rs 36,340 a quintal. It can be seen that the March contract seems to be slowly converging with spot prices.
March delivery had 965 tons and 7 working days before closing. Delivery of April also witnessed high volatility. 80% of sales are from April.
On the spot, there were 22 tons of new pepper delivered and immediately traded. The seller in Karnataka offered 500 GL pepper at Rs 335 a kg at Kochi.
However, the buyer saw a hesitation, alleging that the humidity was higher than allowed and the density was below 500 GL, only around 475 – 485 GL.
March contract on NCDEX increased by Rs 580 to Rs 36,425 a quintal (US $ 6,695 / ton). April and May increased to Rs 565 and Rs 515 respectively to Rs 34,855 / quintal and Rs 34,800 / quintal (equivalent to USD 6,407 / ton and USD 6,397 / ton). (1 USD = 54.4036 Rupees)
Total turnover increased by 576 tons to 1,595 tons. Total open interest dropped by 44 tonnes to 3,598 tonnes.
March open interest dropped by 34 tonnes to 965 tonnes, while April increased by 10 tonnes to 1689 tonnes. May decreased by 20 tons to 944 tons.
Spot prices, in tandem with the market trend, increased by Rs 200 to close at Rs 34,700 a quintal (equivalent to US $ 6,378 / ton) for the bucket and Rs 36,200 a quintal (equivalent to US $ 6,654 / ton) for a pepper. choose MG1.
Indian parity in the international market was US $ 7,000 per tonne (c & f) for March, May and April deliveries of US $ 6,850 per tonne (c & f).
Source Business Line / Giacaphe.vn
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