Pepper rises 4%, mentha dips 10%
MARKET ROUND-UP
| Pepper struck a turnover of Rs 560 crore on the National Commodity & Derivatives Exchange (Ncdex) on Tuesday. |
| According to market reports, there has been some export enquiries from domestic as well as export markets. The last week has seen pepper futures rising by more than 4 per cent. |
| Last week, the near-month pepper contract closed at Rs 10,725 a quintal. This rose to Rs 11,110 on Tuesday, up 4 per cent. However, compared to the last day's close, it fell by around Rs 32, managing to remain above the 11,000 mark. |
| Meanwhile, there seems to be no stopping on the free fall of mentha oil futures. The decline, which began last month and came down below Rs 600 a kg, closed at Rs 559 a kg on Tuesday. This is a fall of over 10 per cent from the support level of Rs 625 a kg. The turnover recorded for mentha oil was Rs 40 crore. |
| A responsible factor for the mentha price decline is believed to be the report of a 25 per cent higher than the normal production. There is no demand for mentha oil in the domestic as well as the export market. |
| Interestingly, a few months ago, mentha was touching Rs 700 a kg mark on the back of anticipation that exports will put pressure on the supply. |
| Meanwhile, maize futures are also in the red. In the midst of a hue and cry over a ban on export of maize, the near-month futures on the exchange closed at Rs 733, down by Rs 12 a quintal. Compared to last Tuesday, the futures prices fell by over 5 per cent this week. |