Pepper February delivery gained Rs 30 and settled at Rs 29780/quintal on lower arrivals in the spot market. Industry officials are estimating 43,000-45,000 tonnes of domestic Pepper output for 2012, compared with 49,000 tonnes last year.
According to Spices Board of India, exports of pepper during April 2011- November 2011 stood at 17,000 tonnes as compared to 11,850 tonnes in 2010-11, rise of 43.6%.
According to International Pepper Community (IPC) exports of Black Pepper during January to October 2011 from six major exporting countries (Brazil, India, Indonesia, Malaysia, Vietnam and Sri Lanka) was around 2.04 lakh tonnes a decline of 4.6% as compared to 2.14 lakh tonne in the same period last year.
Supplies have started in small quantities from the new season crop and could peak in another 15 days in the southern Kerala and Karnataka states.
According to the latest updates from India Pepper and Spice Trade Association (IPSTA), Kochi, Pepper arrivals in Kochi Mandi decreased to 20 quintals as on 10th February 2012 from 125 quintals, meanwhile offtakes slumped to 60 quintals from 515 quintals as.
Spot Pepper dropped -384.2 rupees to 30821.05 rupees per 100 kg in Kochi market.
The contract touched the intra day high of Rs 30000/quintal while low of Rs 29460/quintal. Now support for the pepper is seen at 29493 and below could see a test of 29207. Resistance is now likely to be seen at 30033, a move above could see prices testing 30287.
Trading Ideas:
Pepper trading range for the day is 29218-30298.
Pepper ended with gains on lower arrivals in the spot market
Exports of pepper during April 2011- November 2011 stood at 17,000 tonnes as compared to 11,850 tonnes in 2010-11
NCDEX accredited warehouses pepper stocks dropped by 10 tonnes to 3339 tonnes.
Spot pepper dropped -384.2 rupees to 30821.05 rupees per 100 kg in Kochi market.
Courtesy: Kedia Commodities
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