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Ahmedabad
December 15,
2004
Pepper futures at NMCE recorded a
new high on 15th December, 2004, registering volume of 16438 tons
valued at Rs.113.64 crores. The most active series Pepper March
contract registered volumes of 11970 tones. The March series firmed
up to the highest level of Rs.7099 a quintal and eased steadily to
Rs.6700 a quintal before closing at Rs.6963 during the trading hour.
The
main thrust behind today’s record breaking trade is that Kerala
government has decided to procure Black Pepper from the small
growers who have less than 2 hectares land under cultivation because
most of the black pepper production takes place under small holding
in India. Moreover Government is going to put a ban on Advance
Import License for Pepper exporters, but one way is still opened for
the 100% EOU (Export Oriented Unit). Above all March is the last
month of harvesting season for black pepper in Kerala and this month
is the end of current financial year. Resultantly more traders
participation visualized in that series.
The attraction of real hedgers in NMCE is its sound and reliable
Warehouse Receipt based delivery system,
which has facilitated Pepper delivery of 2872 tons from June
‘03 to November ’04. NMCE is the only nation wide exchange that has
the shortest and efficient-most settlement cycle.
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