Pepper prices yesterday, Thursday 6/11, continue to be under the control of holders of long positions. They tightened the market and forced holders to buy back the December contract. As a result, the December contract increased significantly and closed higher than the previous session.
As long position holders are forcing down positions, February and March contracts continue to decline in recent days. Therefore, the price difference between December and February contracts widened to Rs 6,350 a quintal. Low futures prices are still ongoing, but short positions are forced to do so in order to exit the market, market sources said.
Along with this phenomenon, investors bought the December contract and liquidated pepper in the market, and dealers in the districts bought this liquidation because most of the domestic market were empty. .
Domestic consumer demand is expected to increase in the coming days, especially in winter and wedding season.
No shipment was delivered from major markets by the pilgrims of Sabarimala Temple (an Islamic pilgrimage center in Kerala state) believed to be buying small quantities of pepper from Pathanamthitta, Kollam, and Idukki districts. . According to dealers of the market Parakode (Pathanamthitta) and Punalur (Kollam), an estimated 5 to 7 tons of pepper is traded daily and is expected to increase as the number of pilgrims increases.
In addition, the increase in tourist arrivals also supports pepper retail businesses in production areas.
On the NCDEX at Kochi, the December contract increased by Rs 700 to Rs 39,910 a quintal (US $ 7,323 / ton). The contracts for February and March decreased respectively Rs 595 and Rs 400 to Rs 33,565 / quintal and Rs 33,300 / quintal (equivalent to USD 6,159 / ton and USD 6,110 / ton). (1 USD = 54.4976 Rupees)
Total open interest dropped by 545 tonnes to 5,786 tonnes. December open interest dropped by 598 tonnes to 3,012 tonnes while open interest for February increased by 3 tonnes to 2,215 tonnes and open interest for March increased by 61 tonnes to 500 tonnes.
Spot prices of pepper remained unchanged at Rs 37,300 / quintal (US $ 6,844 / ton) for pint and Rs 38,800 / quintal (US $ 7,120 / ton) for the selected pepper but not found. let's do business.
On the world market, Indian grade pepper, MG1, is priced at US $ 7,450 per tonne (c & f) for European deliveries and US $ 7,750 per tonne (c & f) for US deliveries.
Source Business Line / Giacaphe.vn
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