Last week, pepper futures prices on NCDEX-Kochi were relatively stable. However, pepper futures and spot prices have come to be more equal. On the expiration of the March forward contract, three tons of pepper were delivered.
However, unlike in the past, the delivery volume was only three tons while the spot and futures prices were almost converging.
In the domestic market, interstate dealers act on behalf of agents across the country to purchase raw materials directly from the primary market or growers at futures market prices and transport them by rail to delivery points. products across the country.
It is very difficult to get “C” certification in the northern Indian market, goods are shipped out without any paperwork. In addition, payment of money is also said to be “heavy,” so some merchants seem to prefer paperless shipping.
On the other hand, the end of the financial year is just a reason to do business like that. Since farmers now receive the futures market rates at their doorsteps, they have sold pepper to traders.
Therefore, visitors to the futures market have been tightened. Execution of business has shown an uptrend mainly. Overall, the futures market was very volatile last week. The June contract has not been listed on an exchange without approval from the Futures Market Committee (FMC) and it should be understood that all quality parameters must be regulated and adhered to.
In Karnataka selling pressure is still maintained and the state has supplied pepper with a weight of 525-540 G/L at Rs 335-345/kg, and an estimated 55 tonnes of pepper with a moisture content of around 13-13. .5% was traded against Kochi, India’s leading pepper export market. Karnataka’s pepper exports are also based on Kochi and are shipped from the port of Mangalore.
For the week, April and May contracts rose by all of Rs 225 and Rs 205, respectively, to close at Rs 35,975 per quintal and Rs 35,920 per quintal (equivalent to $6,619 per tonne and $6,609 per ton) respectively. ). ( 1 USD = 54.3490 Rupees )
Total sales fell 4,358 tonnes to close at 8,447 tonnes indicating a gradual decline in activity. Open interest also fell 304 tons to 2,289 tons.
Spot prices fell slightly by Rs 200 to close at Rs 34,800 per quintal (equivalent to $6,403 per tonne) for bucket pepper and Rs 36,300 per quintal (equivalent to $6,679 per ton) for MG 1.
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