Financial Daily from THE HINDU group of publications
Saturday, May 18, 2002
Financial Daily from THE HINDU group of publications Saturday, May 18, 2002 |
|
|
|
|
|
Agri-Biz & Commodities
-
Spices & Condiments Pepper loses more steam on global sales Our Bureau
KOCHI, May 17 PEPPER prices dropped sharply on selling pressure world over and, as a result, spot prices have declined by Rs 800 a quintal in less than a week. The futures prices have also dipped by over Rs 500 a quintal on the terminal market on Friday. Selling pressure emanated from Malaysia, Vietnam and Indonesia. Malaysia offered pepper at $ 1,975 a tonne, while Vietnam at $1,400 a tonne. On Friday, May shipment was offered by Vietnam at $1,375 a tonne and yet there were no takers. Buyers were waiting for the prices to fall further, trading sources told Business Line on Friday. According to the international trading sources: "Sarawak arrivals are starting to flood and local prices have fallen to about Malaysian ringgit (MYR) 4.70 /kg after a recent high of MYR 5.15. Exporters have built near-term positions during the market rise and are cautious about selling their wares unless they physically had pepper.'' With global prices tending to be lower, specifically from India and to some degree Vietnam, sellers in Malaysia are slightly under pressure to sell. Indonesia was offering nearby positions at $1,800-1,825, while the new arrivals at $1,750 per tonne. A downtrend is seen and it could last until the next wave of buying. Traders feel that at a certain level, buyers would be enticed to step in. Meanwhile, in the domestic market the demand is weak as all the trading centres in the North such as Pune, Nagpur, Indore and Delhi are flooded with stocks smuggled out from Wynad and Idukki in Kerala and Kodagu region in Karnataka. The spot prices on Friday were for MG 1 garbled Rs 8,500 and ungarbled Rs 8,100 as against Rs 9,300 and Rs 8,900 at the start of the week. In the futures June ruled at Rs 8,550 (Rs 9,200), July at Rs 8,450 (Rs 9,150), August at Rs 8,500 (Rs9,150), September at Rs 8,525 (Rs 9,175), October at Rs 8,775 (Rs 9,350) and November at Rs 8,600 per quintal.
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
|