NCDEX Futures: Pepper recovers, Cotton drops

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AHMEDABAD (Commodity Online): Pepper futures recovered Friday on a squeeze in daily supplies and lower stocks. Diminishing stocks with other pepper producing countries also supported the uptrend.
At NCDEX Pepper May contract closed at Rs.28381 after witnessing a high of 28744 and a low of Rs.27836.
Vietnam had exported 25128 tons in first quarter but it is less by 11 percent compared with last year figures. In Vietnam the local prices traded near $ 5700 per ton and pepper prices had increased 66 percent compared with the prices at the beginning of the year.
As per trade sources, International prices of MG1 traded near $6300 per quintal and widening price spread between Indian and Vietnam prices is expected the affect the price sentiments in short term.
Kapas futures dropped on Friday on aggressive selling by traders in line with weak spot markets sentiment. It closed at Rs.788 witnessing a high of Rs.830 and a low of Rs. 788.
Market analysts said heavy arrivals and sluggish demand in physical markets, mainly pulled down the prices to hit a lower circuit set by the exchange authority to check unwanted volatility.
Jeera futures declined Friday due to sluggish domestic as well as overseas demand and on higher arrivals from the fresh crop.
At NCDEX Jeera May contract closed at Rs.14343 after touching a high of Rs. 14687.00 and a low of Rs.14305.
Buying has declined in jeera because traders are expecting a further fall of 300-400 rupees per 100 kg from the current levels due to the ongoing arrival season.
As per the latest projection by trade sources the total production of jeera in the current season is likely to be around 21 lakh bags (1 bag = 60 kgs) which is three lakh bags less than the earlier projection.
And production in last year was reported at 29 lakh bags. As per media sources, better crop output is expected in Syria and Turkey.
Crude palm oil futures in India declined Friday tracking weak overseas market and on sluggish demand in the physical market. The commodity closed at Rs.510.30 subsequent to touching a high of Rs.511 and a low of Rs.504.70.
Traders said besides weakening trend in overseas markets, subdued demand in the spot market led to the fall in crude palm oil futures prices.
Crude palm oil for the July-delivery contract declined by 1.8% to $1,057 a metric ton on the Malaysia Derivatives Exchange, the lowest since March 24.

(Source: http://www.commodityonline.com/news/Pepper-recovers-Cotton-drops-at-NCDEX-Futures-38810-3-1.html)

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