The Indian pepper market continued to gain momentum due to good domestic demand in the context of limited supply yesterday, Tuesday 15/1. All contracts currently trading on the exchange closed at a much higher level than the previous day’s closing price.
Investors tried to increase trading volume to push prices up. February sales increased by 762 tons, which is a 78% increase. However, open interest for this delivery month fell by 18 tonnes, market sources said.
The market opened at Rs 36,185 per quintal for February delivery and fell Rs 165 to Rs 36,020 per quintal as soon as it started trading. Thereafter, the volatility price increased by Rs 1,015 to pre-close at Rs 37,035 per quintal and the last traded price (LPT) was Rs 37,015 quintal.
Total revenue showed a significant increase, while total open interest only increased slightly.
On the NCDEX exchange, the February contract increased by Rs 925 and closed at Rs 36,955 per quintal (equivalent to $6,769 per ton). March rose by Rs 505 to Rs 35,485/quintal ($6,500/ton) and April rose Rs 290 to close at Rs 34,715/quintal ($6,359/ton). ( 1 USD = 54.5916 Rupees )
TURNOVER
Total sales increased 1,081 tons to close at 2,476 tons. Total open interest increased by 86 tons to 3,490 tons. February open interest fell 18 tonnes to 2256 tonnes while March open interest increased 76 tonnes to 839 tonnes and April open interest increased 24 tonnes to 338 tonnes.
Spot prices in tandem with futures market trends and domestic demand amid limited supply spiked to Rs 600 and closed at Rs 38,300 per quintal ($7,016 per ton) for bucket pepper. and Rs 39,800/quintal (equivalent to USD 7,290/ton) for MG1.
On the same day, on the floor of the Indian Pepper and Spices Trade Association (IPSTA), 338 tons were traded. Closing prices for January, February, March and April were Rs 41,292/quintal, Rs 38,585/quintal, Rs 38,378/quintal and Rs 38,479/ton respectively (equivalent to Rs 7,564/ton, $7,068/ton, respectively). $7,030/ton, $7,049/ton).
Yesterday, Tuesday 15/1, 21 tons of pepper arrived and was traded on the spot at between Rs 345 and Rs 398/kg.
Indian specialty pepper in the international market has skyrocketed to $7,950-8,000/ton (c&f) spot price in January and $7,000/ton in February futures. Brazil has announced an increase in pepper prices up to 6,600 USD/ton, while pepper of other producing countries is fixed at about 7,000 USD/ton.
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