Monday, August 03, 2009
DUBAI
For those who are going to visit Dubai for the first time, check this out...
Usefull tips, where to stay, nice pictures, maps, etc etc...
http://www.peppertrade.com.br/DUBAI-1.htm
Wednesday, July 29, 2009
Dumping pepper into domestic market a false propaganda
Dumping of imported Pepper into domestic market is a false propaganda to buy pepper at lower prices by a section of the trade shouldn't be taken seriously at all.
The country has imported 6700 mt of Black pepper in the first 6 months comprising of 3000 mt for value added grinding and sterilization and 3700 mt for oil and oleoresin extraction.
The average import is only 500 mt a month and in a market where there is a very tight supply situation and squeeze and prices expected to pick up from august and hit Rs 150/- kg it is senseless to dump this meager quantity into domestic market to depress prices.
The country which is consuming 50000 mt of black pepper every year ( about 4175 mt a month) according to some expert statisticians should have the minimum common sense that even if the entire 3000 mt is dumped by all importers the local prices are not going to be affected as the quantity is very meager to depress prices.
Dumping news is so far emanating only from one source all these days and it is a false news to scare growers and traders and buy pepper at cheaper prices according to major export firms.
With the inside news of disparity between India and Indonesia narrowing down and Vietnam slowly fading out of the Global Pepper scenario it was the move from some unethical traders propagating dumping of imported pepper into domestic market to depress prices and this news should be completely ignored according to All India Spice Exporters forum Vice chairman Mr. Jojan Malayil. Mr Malayil added that farmers/traders should sell only when they need money that badly as the Importing countries coverage is naked for the last quarter and India will get a chance to sell its balance pepper at premium prices.
Current prices in other origin are as follows : Brazil Asta usd 2350 fob Belem Indonesia Asta usd 2550-2600 fob panjang Vietnam asta usd 2600-2650 fob Hcmc and Indian mg-1 asta usd 2750-2800 pmt fob cochin
Rgds
La Rive
The country has imported 6700 mt of Black pepper in the first 6 months comprising of 3000 mt for value added grinding and sterilization and 3700 mt for oil and oleoresin extraction.
The average import is only 500 mt a month and in a market where there is a very tight supply situation and squeeze and prices expected to pick up from august and hit Rs 150/- kg it is senseless to dump this meager quantity into domestic market to depress prices.
The country which is consuming 50000 mt of black pepper every year ( about 4175 mt a month) according to some expert statisticians should have the minimum common sense that even if the entire 3000 mt is dumped by all importers the local prices are not going to be affected as the quantity is very meager to depress prices.
Dumping news is so far emanating only from one source all these days and it is a false news to scare growers and traders and buy pepper at cheaper prices according to major export firms.
With the inside news of disparity between India and Indonesia narrowing down and Vietnam slowly fading out of the Global Pepper scenario it was the move from some unethical traders propagating dumping of imported pepper into domestic market to depress prices and this news should be completely ignored according to All India Spice Exporters forum Vice chairman Mr. Jojan Malayil. Mr Malayil added that farmers/traders should sell only when they need money that badly as the Importing countries coverage is naked for the last quarter and India will get a chance to sell its balance pepper at premium prices.
Current prices in other origin are as follows : Brazil Asta usd 2350 fob Belem Indonesia Asta usd 2550-2600 fob panjang Vietnam asta usd 2600-2650 fob Hcmc and Indian mg-1 asta usd 2750-2800 pmt fob cochin
Rgds
La Rive
PEPPER
24/7/2009
PEPPER ORIGIN HAS INCREASED AND SELLERS ARE NOT AGGRESIVE AS TWO WEEKS AGO.
WE NEED MORE PEOPLE LIKE YOU TO SUPPORT THE MARKET
WERE DEMAND INACTIVE FOR PAST TWO MONTHS BUT SELLER VERY CONFIDENCE
BUYER WILL PICK UP IN THE COMING DAYS AND WILL REMAIN FOR NEXT TW0 - THREE MONTHS STOCKS NEED IT. AS WE SEEING STOCKS ARE VERY MUCH LOW.
INTERNATIONAL SCENARIO,VIETNAM HAS SOLD OUT ALMOST 60 - 70 % OF PEPPER.
INDONESIA MOVED UP BY ALMOST $ 200/MT NOW DUE TO CROP FINISH WITH LEFT
CROP LIMITED AND LOCAL CURRENCY STRENGHT AGAIN US DOLLAR.
I FEEL PEPPER PRICES LOOKS LIKE MOVING UP IN THE COMING DAYS SOON.
THANKS AND BEST REGARDS,
JAMES HADINATA
PEPPER ORIGIN HAS INCREASED AND SELLERS ARE NOT AGGRESIVE AS TWO WEEKS AGO.
WE NEED MORE PEOPLE LIKE YOU TO SUPPORT THE MARKET
WERE DEMAND INACTIVE FOR PAST TWO MONTHS BUT SELLER VERY CONFIDENCE
BUYER WILL PICK UP IN THE COMING DAYS AND WILL REMAIN FOR NEXT TW0 - THREE MONTHS STOCKS NEED IT. AS WE SEEING STOCKS ARE VERY MUCH LOW.
INTERNATIONAL SCENARIO,VIETNAM HAS SOLD OUT ALMOST 60 - 70 % OF PEPPER.
INDONESIA MOVED UP BY ALMOST $ 200/MT NOW DUE TO CROP FINISH WITH LEFT
CROP LIMITED AND LOCAL CURRENCY STRENGHT AGAIN US DOLLAR.
I FEEL PEPPER PRICES LOOKS LIKE MOVING UP IN THE COMING DAYS SOON.
THANKS AND BEST REGARDS,
JAMES HADINATA
Monday, June 01, 2009
STRONG DOMESTIC DEMAND, TIGHT SUPPLY POSITION KEEPS INDIAN READY PEPPER MKT HOT
STRONG DOMESTIC DEMAND, TIGHT SUPPLY POSITION KEEPS INDIAN READY PEPPER MKT HOT
2009/06/01
G K Nair
Kochi, May 31
Strong domestic demand and tight supply position is keeping the spot black pepper prices in India above the June delivery prices of the
exchanges.
Spot price of MG1 was at Rs12,600 a quintal (100 -kg) at the weekend close on Saturday where as the June delivery price at the weekend close was Rs12,320 a quintal.
Availability is said to be very thin.
Domestic buyers from north Indian markets were meeting their requirements by direct purchases from the Coorg Region of Karnataka state where from the material is moved out at Rs125 -127 a Kg to anywhere in India. Similarly, the dealers in Tamil Nadu state was buying from Kerala's Idukki region.
Sharp fall in output in 2008 crop and great domestic demand outweighing the indigenous output would pave the way for increased imports in the coming months as the prices in other origins continued to remain far below than that of the Indian parity. Growers fear that black pepper imported under advance licence for value addition and re-export might enter the domestic market to depress the internal
Meanwhile, Indian futures market during the week witnessed high volatility mainly due to manipulations by the operators who have been pushing up and pulling down the prices under the guise of speculation. Consequently, in fact, the market is shrouded by uncertainty. “In fact, the prices were oscillating up and down without any rime or reason and also without any o-relation to the fundamentals, trading sources told Brazilian Pepper Trade Board. “It is not at all a healthy sign. Real hedgers, be it exporter or domestic dealer, will move out from the market. Similarly, small and medium players are also compelled to go out. Investors are also not coming forward as there is no spot pepper”, they said. “If gambling and manipulation just to make money by a section under the guise of speculation is allowed then futures trading will have no meaning and it will work against the purpose for which it has been introduced”, they pointed out.
All the contracts on the main exchange dropped during the week.
The fall was from Rs264 to Rs342 a quintal at the week end close. June delivery closeted at 12,320 on Saturday.Spot prices also fell by Rs200 a quintal during the week to close at
Rs12,100 (un-garbled) and Rs12,600 (MG 1) a quintal.
INT´L MARKET
Indian parity at the international market ruled above all other origins at $2,650 a tonne (c&f).
Prices of various origins quoted c&f New York in US $ per tonne were MG1 Asta -$2,700-$2,775; Lampong Asta - $2,450; Vietnam Asta -$2,375-$2,400; Brazil Asta - $2,350 fob (nominal parity)
Vietnam white pepper was offered at $3,300-$3,350 and Muntok white pepper at $4,050-4,100 a tonne (c&f).
IPC REPORT
According to the International Pepper Community (IPC) the black pepper market watched on the development in Vietnam as material from this year's crop has entered the market.Local prices at HCMC were down marginally, but fob prices were stable at $1,875 a tonne for 500 GL and $1,990 a tonne for 550 GL. In Lampung, Sarawak and Sri Lanka,
prices were reported up.
WHITE PEPPER
In Bangka, local price eased marginally, by 1 per cent to IDR 36,250 a kg. In Sarawak, prices were up by 2 per cent both for local and fob.
In Vietnam, prices of white pepper were reported stable.
2009/06/01
G K Nair
Kochi, May 31
Strong domestic demand and tight supply position is keeping the spot black pepper prices in India above the June delivery prices of the
exchanges.
Spot price of MG1 was at Rs12,600 a quintal (100 -kg) at the weekend close on Saturday where as the June delivery price at the weekend close was Rs12,320 a quintal.
Availability is said to be very thin.
Domestic buyers from north Indian markets were meeting their requirements by direct purchases from the Coorg Region of Karnataka state where from the material is moved out at Rs125 -127 a Kg to anywhere in India. Similarly, the dealers in Tamil Nadu state was buying from Kerala's Idukki region.
Sharp fall in output in 2008 crop and great domestic demand outweighing the indigenous output would pave the way for increased imports in the coming months as the prices in other origins continued to remain far below than that of the Indian parity. Growers fear that black pepper imported under advance licence for value addition and re-export might enter the domestic market to depress the internal
Meanwhile, Indian futures market during the week witnessed high volatility mainly due to manipulations by the operators who have been pushing up and pulling down the prices under the guise of speculation. Consequently, in fact, the market is shrouded by uncertainty. “In fact, the prices were oscillating up and down without any rime or reason and also without any o-relation to the fundamentals, trading sources told Brazilian Pepper Trade Board. “It is not at all a healthy sign. Real hedgers, be it exporter or domestic dealer, will move out from the market. Similarly, small and medium players are also compelled to go out. Investors are also not coming forward as there is no spot pepper”, they said. “If gambling and manipulation just to make money by a section under the guise of speculation is allowed then futures trading will have no meaning and it will work against the purpose for which it has been introduced”, they pointed out.
All the contracts on the main exchange dropped during the week.
The fall was from Rs264 to Rs342 a quintal at the week end close. June delivery closeted at 12,320 on Saturday.Spot prices also fell by Rs200 a quintal during the week to close at
Rs12,100 (un-garbled) and Rs12,600 (MG 1) a quintal.
INT´L MARKET
Indian parity at the international market ruled above all other origins at $2,650 a tonne (c&f).
Prices of various origins quoted c&f New York in US $ per tonne were MG1 Asta -$2,700-$2,775; Lampong Asta - $2,450; Vietnam Asta -$2,375-$2,400; Brazil Asta - $2,350 fob (nominal parity)
Vietnam white pepper was offered at $3,300-$3,350 and Muntok white pepper at $4,050-4,100 a tonne (c&f).
IPC REPORT
According to the International Pepper Community (IPC) the black pepper market watched on the development in Vietnam as material from this year's crop has entered the market.Local prices at HCMC were down marginally, but fob prices were stable at $1,875 a tonne for 500 GL and $1,990 a tonne for 550 GL. In Lampung, Sarawak and Sri Lanka,
prices were reported up.
WHITE PEPPER
In Bangka, local price eased marginally, by 1 per cent to IDR 36,250 a kg. In Sarawak, prices were up by 2 per cent both for local and fob.
In Vietnam, prices of white pepper were reported stable.
Friday, November 07, 2008
The Crisis & The Pepper
This has been a tough year for the Pepper market operators.
After early rise in prices, peaking in February, market started its descence in a setady and solid path which culminated in October whith the world crisis and the Dolar volatility.
Commodities suffered too and the crisis is said to be the worst since the 29 bankruptcy.
However some points deserve a more detailed consideration.
This crisis is essentialy a monetary crisis - lack of moneys. But what moneys ? The fake ones - virtual moneys that did not exist - actualy never existed. Just promises of payment.
There´s a need to separate the physical from the virtual. Sure, jobs and salaries will be lost and the consumption will be reduced to a degree. The consumption of luxury articles will suffer as well as housing, cars, and other big value items. But we do not see the food industry or pharmaceutical, or any other for primary needs to suffer in the same extent as the rest. People will still eat - even because it´s the cheapest expense. To put all the produce in the same basket is an error or can one imagine the guns industry reducing prices due to lack of demand?
There´s life beyond futures trading...
The problem is that such catarse open doors to speculators to manipulate the markets.
After early rise in prices, peaking in February, market started its descence in a setady and solid path which culminated in October whith the world crisis and the Dolar volatility.
Commodities suffered too and the crisis is said to be the worst since the 29 bankruptcy.
However some points deserve a more detailed consideration.
This crisis is essentialy a monetary crisis - lack of moneys. But what moneys ? The fake ones - virtual moneys that did not exist - actualy never existed. Just promises of payment.
There´s a need to separate the physical from the virtual. Sure, jobs and salaries will be lost and the consumption will be reduced to a degree. The consumption of luxury articles will suffer as well as housing, cars, and other big value items. But we do not see the food industry or pharmaceutical, or any other for primary needs to suffer in the same extent as the rest. People will still eat - even because it´s the cheapest expense. To put all the produce in the same basket is an error or can one imagine the guns industry reducing prices due to lack of demand?
There´s life beyond futures trading...
The problem is that such catarse open doors to speculators to manipulate the markets.
Shortage of Pepper in India
DEAR SIR, WE ARE THE LEADING EXPORTER IN INDIA.........MY NAME IS BASKER.
IN INDIA AT TODAY POSITION,THERE IS NO STOCK OF PEPPER...
IN FUTURE THERE IS THE TOTAL CROP NEARLY 35000 TONNES,DECRESE BY 35%.....
SO MY VIEW IS THE ,PEPPER RATE WILL BE 4000$ VERY SHORTLY..........
THANK YOU.......
IF YOU HAVE ANY VIEW IN PEPPER SEND ME SIR................
IN INDIA AT TODAY POSITION,THERE IS NO STOCK OF PEPPER...
IN FUTURE THERE IS THE TOTAL CROP NEARLY 35000 TONNES,DECRESE BY 35%.....
SO MY VIEW IS THE ,PEPPER RATE WILL BE 4000$ VERY SHORTLY..........
THANK YOU.......
IF YOU HAVE ANY VIEW IN PEPPER SEND ME SIR................
Indian and the International Pepper market
Dear Sir,
Kindly find below our take on the Indian and the International Pepper market.
Black Pepper Market Report;
The Indian Pepper Exchange has been the principle reason for the markets coming down from levels of 4000 USD/MT to levels of 2600 USD/MT FOB for MG1 ASTA. Between the price movements is a whole story waiting to be told.
The Indian exchange is charateristic of such price movements, even from before. But, the reason behind the current drop, non withstanding, the future outlook is still important and worthy of consideration.
The Indian markets have come down during the months of September, Oct, Nov. These months are also periods of short arrivals in the markets as the season is over and physical availability is close to non existant. This non availability automatically forces the markets, sellers and buyers alike to take long positions in the exchange market for their physical commitments. The exchanges, most of them having their own insider trading, use this opportunity to make quick bucks, by bringing the market down.
The exporter community in India is a small community. The whole of the Indian exporting community at any point of time, is capable of holding sales of about 8000 Tons. The stocks in the exchange are available in a monthly once delivery period interval. It is a surprise that the stocks held in the exchange for deliveries for the next 6 months are lessor than 2800 Tons.
http://www.ncdex.com/Downloads/ClearingServices/52%c2%a7142%c2%a7comm_mis_03112008_FED.pdf
This means with the exporters overcommitting by thousands of tons every month, there are likely to be defaults in the months to come if markets stays at current levels. There are no physical arrivals in the market from farm gate level. The monthly requirement of about 3000 tons in this dull market, being the domestic demand is being catered to by the stock holders. At the current trend and at the rate at which stocks are being depleted, we are very firmly of the opinion that the markets will soon run out of physical stocks for the domestic market. What about export commitments. We know that domestic business running into defaults is not a new thing to happen.
But, the Indian exporter community has never defaulted in the International market. Serious shippers will have to ship at any price. The exchange can default by paying a penalty of 3%. This is where, the exporting community is staking in the Indian exchange.
It is important to note, the current stock levels in India.
We estimate it as below;
Domestic sale centres- 750 Tons.
Origins- 2000 TonsPepper Exchange - 2800 Tons
Iron Stocks, Dealers, Traders etc- 2500 Tons
Total Stocks - 8050 Tons
Indian consumption for the months of November and December- 6000 Tons.
Exporters commitment for this period- 4000 Tons.
Exporters commitment for Jan- July - 4000 Tons.
The whole market has been wrestled down, considering technical charts. The markets have been brought down at a period when the USD has been appreciating against the Ruppee. But the Indian markets have also fallen considerably in Ruppee terms. Dollar is today fetching 48 Rs while 4 months back, it was fething 40 Rs. This has in fact even more exxagerated the fall.
The Indian new Crop; The Indian Season might be delayed this year, upto February. We have seen last year, that the Indian new crop started tricking in only by the beginning of February. This year too due to delayed monsoons, we might see such a trend. The Indian new crop, promises to be phenomenally low sized crop. Due to never seen before weather patterns, Indian pepper crop is probably down by a half from the worlds favorite origin.
Last years crop was estimated thus;
Kerala; 26000 Tons
Karanataka; 13000 tons
Tamil Nadu; 4000 tons
Rest of India; 2000 Tons
The Indian weather played havoc with drought conditions prevailing upto July, three months down the Rainy season. Below are links that will clearly depict these matters to highlight the weather conditions in Malabar region.
http://www.thehindubusinessline.com/2004/03/03/stories/2004030300591300.htm
http://www.thehindubusinessline.com/2004/03/04/stories/2004030401221700.htm
http://www.thaindian.com/newsportal/business/kerala-set-to-face-water-shortage-due-to-poor-monsoon_10068608.html
http://www.thaindian.com/newsportal/enviornment/water-water-everywhere-in-kerala-but-very-little-to-drink_10070910.html
Black Pepper is a water pollinated crop. With lack of rains in the growing areas right upto the end of July, and then rains that followed, which started as though the dams of heaven were opened up has lead to large scale destruction of agricultural produce in general, and to pepper, it has created havoc. Karanataka, which is beigbouring Kerala, has been declared a drought area too. Tamil Nadu also has been declared a drought Area by the National Commission.
News artilces declaring Tamil Nadu as drought hit
http://www.hinduonnet.com/fline/fl2106/stories/20040326003103500.htm
http://www.hinduonnet.com/2001/08/05/stories/0505134d.htmhttp://desertification.wordpress.com/2008/07/08/tamil-nadu-should-prepare-for-drought-report-google-business-standard/
News articles declaring Karantaka as drought hit
http://www.hindu.com/2008/08/23/stories/2008082354870600.htm
http://www.hindu.com/2008/10/19/stories/2008101950870300.htm
The Indian pepper crop of Kerala and its neighbouring karantaka and Tamil nadu stand estimated as below;
Kerala; 15000 Tons
Karnataka; 14000 Tons
Tamil Nadu; 2000 Tons
Rest of India; 2000 Tons
Total 33000 Tons.
We are preparing and sending this report hoping that this will help you decide if India, should be the reason that the world market be held down. In India, the exporting community fears that selling overseas will mean, that they will have to prepare for the worst in the time to come. With the new crop starting in February, and buffer stocks down to super critical levels, India is a dangerous market.
India has never had as low buffer as it is carrying now. At any point of time, over the last 6 years, India has carried stocks between 60000 tons - 25000 tons. This is perhaps the first time in recent history that India is carrying lessor than 10000 tons of stocks, and even that is sold overseas by way of contracts.
We feel that like all technicals, this would bounce back up with the same momentum. Kindly be guided by reason while making decisions and not purely sentiment. We have seen the best of buyers miss the best of opportunities, as they fall in fear.
Regards
Rawther
Kindly find below our take on the Indian and the International Pepper market.
Black Pepper Market Report;
The Indian Pepper Exchange has been the principle reason for the markets coming down from levels of 4000 USD/MT to levels of 2600 USD/MT FOB for MG1 ASTA. Between the price movements is a whole story waiting to be told.
The Indian exchange is charateristic of such price movements, even from before. But, the reason behind the current drop, non withstanding, the future outlook is still important and worthy of consideration.
The Indian markets have come down during the months of September, Oct, Nov. These months are also periods of short arrivals in the markets as the season is over and physical availability is close to non existant. This non availability automatically forces the markets, sellers and buyers alike to take long positions in the exchange market for their physical commitments. The exchanges, most of them having their own insider trading, use this opportunity to make quick bucks, by bringing the market down.
The exporter community in India is a small community. The whole of the Indian exporting community at any point of time, is capable of holding sales of about 8000 Tons. The stocks in the exchange are available in a monthly once delivery period interval. It is a surprise that the stocks held in the exchange for deliveries for the next 6 months are lessor than 2800 Tons.
http://www.ncdex.com/Downloads/ClearingServices/52%c2%a7142%c2%a7comm_mis_03112008_FED.pdf
This means with the exporters overcommitting by thousands of tons every month, there are likely to be defaults in the months to come if markets stays at current levels. There are no physical arrivals in the market from farm gate level. The monthly requirement of about 3000 tons in this dull market, being the domestic demand is being catered to by the stock holders. At the current trend and at the rate at which stocks are being depleted, we are very firmly of the opinion that the markets will soon run out of physical stocks for the domestic market. What about export commitments. We know that domestic business running into defaults is not a new thing to happen.
But, the Indian exporter community has never defaulted in the International market. Serious shippers will have to ship at any price. The exchange can default by paying a penalty of 3%. This is where, the exporting community is staking in the Indian exchange.
It is important to note, the current stock levels in India.
We estimate it as below;
Domestic sale centres- 750 Tons.
Origins- 2000 TonsPepper Exchange - 2800 Tons
Iron Stocks, Dealers, Traders etc- 2500 Tons
Total Stocks - 8050 Tons
Indian consumption for the months of November and December- 6000 Tons.
Exporters commitment for this period- 4000 Tons.
Exporters commitment for Jan- July - 4000 Tons.
The whole market has been wrestled down, considering technical charts. The markets have been brought down at a period when the USD has been appreciating against the Ruppee. But the Indian markets have also fallen considerably in Ruppee terms. Dollar is today fetching 48 Rs while 4 months back, it was fething 40 Rs. This has in fact even more exxagerated the fall.
The Indian new Crop; The Indian Season might be delayed this year, upto February. We have seen last year, that the Indian new crop started tricking in only by the beginning of February. This year too due to delayed monsoons, we might see such a trend. The Indian new crop, promises to be phenomenally low sized crop. Due to never seen before weather patterns, Indian pepper crop is probably down by a half from the worlds favorite origin.
Last years crop was estimated thus;
Kerala; 26000 Tons
Karanataka; 13000 tons
Tamil Nadu; 4000 tons
Rest of India; 2000 Tons
The Indian weather played havoc with drought conditions prevailing upto July, three months down the Rainy season. Below are links that will clearly depict these matters to highlight the weather conditions in Malabar region.
http://www.thehindubusinessline.com/2004/03/03/stories/2004030300591300.htm
http://www.thehindubusinessline.com/2004/03/04/stories/2004030401221700.htm
http://www.thaindian.com/newsportal/business/kerala-set-to-face-water-shortage-due-to-poor-monsoon_10068608.html
http://www.thaindian.com/newsportal/enviornment/water-water-everywhere-in-kerala-but-very-little-to-drink_10070910.html
Black Pepper is a water pollinated crop. With lack of rains in the growing areas right upto the end of July, and then rains that followed, which started as though the dams of heaven were opened up has lead to large scale destruction of agricultural produce in general, and to pepper, it has created havoc. Karanataka, which is beigbouring Kerala, has been declared a drought area too. Tamil Nadu also has been declared a drought Area by the National Commission.
News artilces declaring Tamil Nadu as drought hit
http://www.hinduonnet.com/fline/fl2106/stories/20040326003103500.htm
http://www.hinduonnet.com/2001/08/05/stories/0505134d.htmhttp://desertification.wordpress.com/2008/07/08/tamil-nadu-should-prepare-for-drought-report-google-business-standard/
News articles declaring Karantaka as drought hit
http://www.hindu.com/2008/08/23/stories/2008082354870600.htm
http://www.hindu.com/2008/10/19/stories/2008101950870300.htm
The Indian pepper crop of Kerala and its neighbouring karantaka and Tamil nadu stand estimated as below;
Kerala; 15000 Tons
Karnataka; 14000 Tons
Tamil Nadu; 2000 Tons
Rest of India; 2000 Tons
Total 33000 Tons.
We are preparing and sending this report hoping that this will help you decide if India, should be the reason that the world market be held down. In India, the exporting community fears that selling overseas will mean, that they will have to prepare for the worst in the time to come. With the new crop starting in February, and buffer stocks down to super critical levels, India is a dangerous market.
India has never had as low buffer as it is carrying now. At any point of time, over the last 6 years, India has carried stocks between 60000 tons - 25000 tons. This is perhaps the first time in recent history that India is carrying lessor than 10000 tons of stocks, and even that is sold overseas by way of contracts.
We feel that like all technicals, this would bounce back up with the same momentum. Kindly be guided by reason while making decisions and not purely sentiment. We have seen the best of buyers miss the best of opportunities, as they fall in fear.
Regards
Rawther
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