Last week, the pepper futures market in Kochi-India continued to witness price volatility but activity was limited and trending mixed.
Pepper price increased and decreased continuously, it seemed that there was an attempt by the bears to pull down, while the good buying power and support kept the market active. However, both spot and futures prices closed the week lower than last week’s closing price. The amount of pepper with high density is currently very limited.
The May delivery is trading below the spot price. For exporters, the advantage of large export trading companies is that they operate from multiple sources, including the price of pepper. 550 GL at Rs 345-348/kg while local dealers bought high grade 575 GL pepper at Rs 350-352/kg.
Pepper with a weight of GL 500 and below was purchased at Rs 320-325/kg from Wayanad and Karnataka in hand-to-hand form, market sources said on Monday. Business Line.
On the exchange, short holders bought back. Selling pressure continued in Karnataka and a large amount of low weight pepper was sold at low prices.
Traders from Kerala’s Ernakulam district bought a lot of pepper from Idukki and shipped it by rail to all markets in the country. Karnataka pepper was sold for Rs 325-330/kg in cash and delivered anywhere in India with shipping cost at Rs 10-12/kg.
On Saturday, April 20, on the NCDEX exchange, the May contract dropped by Rs 245 to close at Rs 35,505 per quintal (equivalent to $6,582 per ton). ( 1 USD = 53,940 Rupees )
Total turnover decreased by 607 tons to 3,287 tons. Total open interest fell 583 tonnes to 1,175 tonnes.
Spot pepper price at the weekend fell by Rs 200 to close at Rs 34,500/quintal (equivalent to USD 6,396/ton) for bucket pepper and Rs 36,000/quintal (equivalent to USD 6,674/ton) for selected pepper.
Overseas Trends
Vietnamese pepper prices are reported to be more stable. Exporters in Ho Chi Minh City offered 500 Gr/l-FAQ black pepper at USD 5,600-5,700/ton at the end of the week.
The Vietnam Pepper Association (VPA) seems to have advised its members not to sell at lower prices.
Vietnam is currently the main exporter in the market, followed by Indonesia and Brazil.
Follow Business Line/Giacaphe.vn
Source link
