Financial Daily from THE HINDU group of publications
Thursday, Mar 07, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 07, 2002 |
|
|
|
|
|
Agri-Biz & Commodities
-
Spices & Condiments Pepper firm on buying support Our Bureau
KOCHI, March 6 PEPPER prices ruled steady on buying support during the last week at the terminal market here. Spot prices witnessed a marginal decline on Wednesday compared to that of March 2. MG 1 garbled was sold today at Rs 6,550 per quintal while ungarbled was available at Rs 6,150 as against Rs 6,600 and Rs 6,200 respectively last Saturday. However, the futures showed an increase on Wednesday compared to last Saturday. Attributing this trend in the market to ``the technical squeeze'', Mr Kishor Shamji, President, India Pepper and Spice Trade Association, said those who got short positions were selling long positions and then buying nearby positions. In the international market all the players were waiting for the prices to drop. Contrary to the expectations of the operators in the US and Europe, Vietnam had offered its new pepper at $1,100-1150 (550 GL) and $1,050-1,100 (500 GL) per tonne. The new crop had started arriving in the market and more buyers and sellers were camping in Vietnam. The traders there were offering only for April shipments. The international traders were anticipating that Vietnam would offer at below $900 a tonne. ``But it has to be seen if the farmers will sell their produce at this level, given the higher cost of production during current season'', he pointed out. India was offering at $1,400-1,450 per tonne. Brazil had raised its price to $1,350-1,400 for March shipments. The arrivals at the terminal market remained at 20-30 tonnes a day as against 60-70 tonnes normally during the season as pepper in large quantity was being moved out through tax evasion. Thus, much of the good domestic demand was being met by this route. The futures prices on Wednesday were for March shipment Rs 6,355 as against Rs 6,310 per quintal on Mar 02. April Rs 6,200 (Rs 6,125, May Rs 6,130 (Rs 6,125), June Rs 6,230 (Rs 6,200), July Rs 6,230 (Rs 6,200) and August Rs 6,275 (Rs 6,200).
Send this article to Friends by E-Mail
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |
Copyright © 2002, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|