Pepper prices continued to increase yesterday, Wednesday, January 9, thanks to good support in the context of tight supply. All trading contracts are bullish and close above the previous day’s closing price.
The February contract opened at Rs 34,785 per quintal, down Rs 50 and hit the lowest price of the day at Rs 34,395 per quintal and fluctuated with trading until the afternoon. It then moved up and reached the highest price of the day at Rs 35,395 per quintal, increased by Rs 660 per quintal, from the low of the day and then turned back down to the last trading price of Rs 35,100 per quintal. .
There is currently no food for domestic consumption. Dealers are still actively looking to buy pepper from Tamil Nadu. Some people are said to have made a high deposit at Rs 380/kg of pepper from the Idukki region but no sellers were found. Any amount of food delivered directly by farmers is covered by agents, market sources said.
The weather is very bad right now, cloudy weather is hindering the harvest and in pepper growing areas more and more growers are not harvesting.
On the spot, 12 tons of new-season pepper from the southern districts were sold at Rs 350, Rs 360 and Rs 373/kg. The February contract on NCDEX rose by Rs 365 and closed at Rs 35,105 per quintal (equivalent to $6,412 per ton). The March and April contracts rose by Rs 200 and Rs 100 to close at Rs 34,140 per quintal and Rs 33,910 per quintal (equivalent to $6,235 per tonne and $6,193 per ton). ( 1 USD = 54.7511 Rupees )
TURNOVER
Total sales increased by 941 tons to close at 2,001 tons. Total open interest increased by 170 tons to 3,941 tons.
February open interest increased 104 tons to 2862 tons, while March open interest increased 44 tons to 755 tons and April increased 21 tons to 301 tons.
Spot pepper prices, in line with the futures market trend, rose Rs 100 to close at 37,300. Rs./quintal (equivalent to USD 6,813/ton) for bucket pepper and Rs 38,800/quintal (equivalent to USD 7,087/ton) for selected MG1.
Indian specialty pepper on the international market today has spot prices increased to 7,400 USD/ton, while the February delivery price was at 6,700 USD/ton (C&F). Pepper prices are also supported by the rising Rupee/USD exchange rate.
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