The black pepper prices witnessed rise during the week indicating that the assumptions that Indonesia has a lower crop and harvesting in Brazil is not only late but also less than that of last year, are being translated into a reality. In addition, the stock held in Vietnam is also expected to be not much.
Meanwhile, favorable monsoon rains in Kerala is likely to make the way for a comparatively good crop in the next season. At the same time, there were reports that the next pepper crop in Karnataka is likely to be less due to unfavourable monsoon rains.
On Saturday, futures market on NCDEX hit the upper circuit as August surged by Rs 414 to close at Rs 14,920 a quintal. September and October increased by Rs 435 and Rs 448 respectively to close at Rs 15,185 and Rs 15,373 a quintal. Spot prices shot up by Rs 300 to close at Rs 14,000 (un-garbled) and Rs 14,500 (MG 1) a quintal.
All the contracts went up by Rs 1,595 to Rs 1,972 a quintal at close. Spot prices also increased by Rs 1,200 a quintal.
Total turnover raised by 27,900 tonnes to close at 56,674 tonnes. Total open interest increased by 1,762 tonnes to 9,167 tonnes. August open interest dropped 1,785 tonnes while that of September shot by 3,098 tonnes.
Meanwhile, favorable monsoon rains in Kerala is likely to make the way for a comparatively good crop in the next season. At the same time, there were reports that the next pepper crop in Karnataka is likely to be less due to unfavourable monsoon rains.
On Saturday, futures market on NCDEX hit the upper circuit as August surged by Rs 414 to close at Rs 14,920 a quintal. September and October increased by Rs 435 and Rs 448 respectively to close at Rs 15,185 and Rs 15,373 a quintal. Spot prices shot up by Rs 300 to close at Rs 14,000 (un-garbled) and Rs 14,500 (MG 1) a quintal.
All the contracts went up by Rs 1,595 to Rs 1,972 a quintal at close. Spot prices also increased by Rs 1,200 a quintal.
Total turnover raised by 27,900 tonnes to close at 56,674 tonnes. Total open interest increased by 1,762 tonnes to 9,167 tonnes. August open interest dropped 1,785 tonnes while that of September shot by 3,098 tonnes.
No comments:
Post a Comment