At the end of the week, despite efforts to pull the market down, pepper prices were still higher than the closing level of the previous week. There are no sellers at lower rates. The efforts of the short holders do not seem to work in their favor. Sellers tried to control the market again.
Exporters in Karnataka are estimated to have traded 500 tonnes of pepper to the US market at $6,725 per ton (c&f).
Meanwhile, at the Asta Conference, American multinationals with multi-origin operations, based in Southeast Asia, reported only expanding the signing of contracts at reduced prices.
During the week, the May contract rose all of Rs 405 to close on Saturday May 4 at Rs 35,750 per quintal (equivalent to $6,612 per ton). (1 USD = 54.0668 Rupees)
Total sales fell by 314 tons to 1,341 tons. Total open interest fell 383 tons to 600 tons.
Spot pepper prices also declined by Rs 100 per quintal to close at Rs 34,100 per quintal (equivalent to $6,307 per ton) for bucket pepper and Rs 35,600 per quintal (equivalent to $6,584 per ton) for selected MG 1 pepper. .
Reports coming from the ASTA conference currently underway in the US suggest that Karnataka exporters have offered pepper prices at $100-150/ton lower than Malabar c & fNew York pepper prices.
Dealers in Idukki also buy Karnataka pepper to blend with high density pepper and sell to dealers in Tamil Nadu.
Indian specialty pepper in the international market was at $6,700/ton (c&f) for May shipments to Europe and at $6,800/ton (c&f) for June delivery, based on IPSTA pricing.
Follow Business Line/Giacaphe.vn
Source link
