Yesterday Wednesday, futures prices eased due to a downtrend as rumors of around 6,000 tons of pepper held in NCDEX will be released.
Speculation has been raised that a number of controversial targets due to the alleged contamination of mineral oil, being detained at six warehouses of the exchange, will be issued since a complaint with NCDEX regarding this matter has been filed in the Court. Madhya Pradesh's Supreme Court has been revoked.
But traders believe that this number is only allowed to be issued by the Indian Government Standards and Food Security Authority, after being sampled for each batch to be tested at a designated laboratory.
In addition, there are rumors that surrounding a report from a court proposing to prevent the destruction of the pepper was identified by laboratories and food security agencies.
This also led to a reduction in pepper prices, market sources said.
On the spot, 18 tons of farm grade pepper were delivered and 20 tons were traded at Rs 406 – 408 Rs.
On NMCE, October, November and December contracts dropped by Rs 901, Rs 110 and Rs 100, respectively to Rs 43,100 / kg, Rs 43,950 / quintal and Rs 44,070 / quintal ($ 6,820 / tons, 6,954 USD / ton and 6,973 USD / ton). (1 USD = 63,198 lakhs)
Total open interest dropped by 2 tonnes to 39 tonnes. Total turnover increased by 8 tons to 48 tons.
Spot prices dropped by Rs 100 to close at Rs 40,600 a quintal (US $ 6,424 per tonne) for pail and Rs 42,600 a quintal (US $ 6,741 per ton) for the selected grade.
Indian special pepper on the international market is at US $ 7,100 per tonne (c & f) for European deliveries and US $ 7,350 per tonne (c & f) for shipment to the US.
Exporters are said to be reluctant to execute any contracts because on the one hand it is uncertain that there are goods on hand and on the other hand the fluctuations in currency exchange rates.
Source Giacaphe.vn
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