Indian pepper market continued its uptrend due to good domestic demand amidst limited supply yesterday, Tuesday 15/1. All contracts traded on the floor closed at a much higher level than the closing price of the previous day.
Investors have tried to increase the trading volume to push prices up. February sales increased by 762 tons, or 78% increase. However, open interest for the month of delivery fell 18 tons, market sources said.
The market opened at Rs 36,185 a quintal delivered in February and dropped by Rs 165 to Rs 36,020 a quintal just after the start of the trade. After that, the price moved up by Rs 1,015 to close at Rs 37,035 a quintal and the final trading price (LPT) was Rs 37,015 a quintal.
Total revenue showed a significant increase, while total open interest only increased slightly.
On NCDEX, February contract increased by Rs 925 and closed at Rs 36,955 a quintal (equivalent to 6,769 USD / ton). March increased by Rs 505 to Rs 35,485 / quintal (equivalent to US $ 6,500 / ton) and in April increased by Rs 290 to close at Rs 34,715 / quintal ($ 6,359 / ton). (1 USD = 54.5916 lakhs)
REVENUE
Total turnover increased by 1,081 tons to close at 2,476 tons. Total open interest increased by 86 tonnes to 3,490 tonnes. February open interest dropped by 18 tonnes to 2256 tonnes while March open interest increased by 76 tonnes to 839 tonnes and April increased by 24 tonnes to 338 tonnes.
Spot prices in tandem with the futures market trend and domestic demand in the context of limited supply skyrocketed to Rs 600 and closed at Rs 38,300 a quintal (US $ 7,016 a ton) for all types of pepper. and Rs 39,800 a quintal (US $ 7,290 / ton) for the MG1 type.
On the same day, on the floor of the Indian Pepper and Spices Association (IPSTA), 338 tonnes were traded. Closing prices for January, February, March and April respectively were Rs 41,292 / quintal, Rs 38,585 / quintal, Rs 38,378 / quintal and Rs 38,479 / quintal (equivalent to USD 7,564 / ton, USD 7,068 / ton, 7,030 USD / ton, 7,049 USD / ton).
Yesterday, Tuesday 15/1, there were 21 tons of pepper delivered and was traded in place at between Rs 345 and Rs 398 / kg.
Indian parity in the international market soared to US $ 7,950-8,000 per tonne (c & f) for spot price in January and US $ 7,000 per tonne for February futures. Brazil has announced to increase the price of pepper to 6,600 USD / ton, while the pepper of other producing countries is set at about 7,000 USD / ton.
Source Business Line / Giacaphe.vn
Source link
