Pepper prices increased yesterday due to good buying support from domestic markets. All contracts are closed above the closing price of the previous session.
Several hundred tons of pepper were sold by investors at a price of Rs 373 – 378 / kg and local traders covered prices.
“The demand in India's large domestic markets is very good,” said market sources Business Line. In addition, there is pressure from speculators.
There is no plus level for hedge houses and investors as the difference between spot prices and December futures prices has narrowed. On the other hand, due to the January delivery term not listed on the trading floor, the deposit was only valid until January 5.
There have been no deliveries in the last two weeks from the main market as farmers have pulled out of the decline. Therefore, spot pepper is currently not available in Kerala and Karnataka.
Closing yesterday, on November 29, pepper futures price at Kochi – India stood at Rs 38,265 / quintal, equivalent to US $ 6,871 / ton, for December term and at Rs 34,720 / quintal, equivalent to 6,235. USD / ton, for term of February 2013. (1 USD = 55.6896 Rupees)
Spot prices in tandem with the trend in the futures market increased by Rs 300 a quintal and closed at Rs 37,300 a quintal, equivalent to USD 6,698 a tonne, for pint and Rs 38,800 a quintal, equivalent to USD 6,967. / ton, for selected type MG1.
The more stable futures market, coupled with the growth of the rupee against the dollar, pushed the Indian special pepper price to US $ 7,250 / ton (C&F) for the European market, and US $ 7,550 / ton (C&F). to the US market.
Source Business Line / Giacaphe.vn
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