The pepper market was down due to nervousness although the number of open contracts and Monday revenues increased. As a result, November and December contracts slightly decreased while February 2013 contracts slightly increased.
However, the buying group is trying to keep the market price stable. While there were rumors that people held positions in November, but there were no sales so they could exit positions to keep the support, created a sense of fear in the market. This has caused the market price to drop, market sources said.
In fact, later, more and more pepper came from the main markets.
On Saturday, an estimated 110 tons of pepper were stored for recognition. Even commercial sources believe that this is a tactic to prevent sellers from bringing goods to remote places causing additional shipping costs.
On the spot market today, 59 tonnes of pepper were delivered to and 60 tonnes of pepper were sold at Rs 406 – Rs 40 a kg for Rs 500 GL, at Rs 410 – Rs 412 for a 550 GL, and good at a price of Rs. 415 – 417 lakh / kg. While pepper from Rajakumari in Idukki was valued at Rs 419 a kg, there were no sellers nor buyers.
On NCDEX – at Kochi India, the price of November contract decreased by Rs 140 to Rs 43,880 / quintal (equivalent to USD 8,103 / ton) and the December contract decreased by Rs 50 to Rs 43,335 / quintal (equivalent to USD 8.002). / ton), while the February 2013 contract increased by Rs 35 to Rs 38,895 / quintal (USD 7,182 / ton). (1 USD = 54.155 Rupees)
Total turnover increased by 263 tons to 923 tons. Total open interest also increased by 132 tonnes to 8,899 tonnes. In particular, November open interest increased by 59 tonnes to 5,660 tonnes, open interest in December increased by 70 tonnes to 2,589 tonnes and open interest in February 2013 increased by 2 tonnes to 569 tonnes.
Spot prices in tandem with the trend in the futures market fell by Rs 100, to close at Rs 40,600 a quintal (US $ 7,497 per tonne) for both buckets and Rs 42,100 per tonne (US $ 7,774 per tonne). ) for the selection type.
On the world market, Indian parity is priced at 8,400 USD / ton (c & f) for the European market and 8,700 USD / ton (c & f) for the US market. The weakening Rupee also made the price decrease slightly.
Indonesia is currently the cheapest market when offering lower prices than Indian specialty pepper nearly 2,000 USD / ton. In fact, multinational companies with processing facilities in Vietnam are said to be importing pepper from Indonesia to meet export commitments to consumers.
Source Business Line / Giacaphe.vn
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