Pepper price sees down trend
Kochi: The Indian pepper prices continued to remain beneath that of other origins during the week, placing the Indian commodity at an advantageous position among its counterparts. Non-availability of spot pepper has forced the exporters to cover from the exchanges where the price for March remained below the spot. All contracts on NCDEX during the week fell by Rs 138 to Rs 207 a quintal, while on NMCE it was up from Rs 59 to Rs 103 a quintal except for July contract, which moved up by Rs 154 a quintal. On NMCE it declined by 3,215 tonnes to 5,616 tonnes. Total open interest on NCDEX fell by 791 tonnes to 19,660 tonnes. March and April positions declined by 1,334 tonnes and 904 tonnes respectively, while May moved up by 1,420 tonnes. Spot prices during the week remained unaltered at previous weekend's close of Rs 14,300 (un-garbled) and Rs 14,900 (MG 1). Prices of other origins ruled almost firm at higher levels.
As the supply of heavy pepper (Asta grade) from Vietnam, where harvesting is on, remained to be tight and as a result even multi-origin operators were trying to buy MG 1 from India. The availability of black pepper, especially the Asta grade, in other origins such as Brazil and Indonesia is also reportedly limited. Thus, India, besides Vietnam, is the only other source having pepper of this grade and at a most competitive price.
0 comments:
Post a Comment