Pepper prices yesterday, Wednesday, April 10, remained stable after the active contract was capped with a slight increase in price and the remaining contract was almost unchanged.
There was liquidation of the April contract, albeit a small amount, while there was a trade-in transition to May. Turnover and open interest increased. The market continued to hold steady while sellers tried to pressure buy liquidation.
In place, there is selling pressure in Karnataka. A lot of pepper was shipped to Erode in the district of Tamil Nadu.
Pepper from the state of Karnataka is shipped organized to other parts of the country to evade taxes of Rs 8-10/kg, the trader alleged. This is having a negative impact on the market.
There were 70 tons of new season pepper from all sources and were traded immediately with an average price of about Rs 347/kg.
The April contract on NCDEX rose Rs 45 to Rs 35,940 per quintal (equivalent to $6,591 per ton), while the May contract was only slightly down Rs 5 at Rs 35,660 per quintal (equivalent to $6,539 per tonne). ). ( 1 USD = 54,5310 Rupees )
Total sales increased by 191 tons to 929 tons. Total open interest increased 62 tonnes to 1,808 tonnes.
April open interest fell 22 tons to 316 tons, while May open interest increased 74 tons to 1492 tons.
Spot prices, which remained unchanged over the past few days, were at Rs 34,700/quintal ($6,363) for bucket pepper and Rs 36,200/quintal ($6,638/ton) for MG1.
Indian specialty pepper on the international market is $6,900/mt (c&f) for expedited shipments, while April delivery is $6,800/mt (c&f) and May delivery $6,750/mt (c&f).
According to foreign reports, today Vietnam Asta pepper was traded at $6,625/ton (c&f) for US shipments in April and the first half of May.
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