Pepper March delivery gained Rs 925 and settled at Rs 32005/quintal tracking firm spot market, as farmers held back supplies on hopes of better prices.
Limited new crop arrivals will keep the prices supported. Supplies have started in small quantities from the new season crop.
Special margin of 10% including Special Cash margin of 5% on the long side of all running contracts has been withdrawn with effect from beginning of the day Tuesday, February 21, 2012.
According to Spices Board of India, exports of Pepper during April 2011- December 2011 stood at 19,500 tonnes as compared to 13,350 tonnes in 2010-11, rise of 46%.
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.
Spot pepper gained 631.85 rupees to 32295 rupees per 100 kg in Kochi market. The contract touched the intra day high of Rs 32325/quintal while low of Rs 31185/quintal.
Now support for the Pepper is seen at 31352 and below could see a test of 30698. Resistance is now likely to be seen at 32492, a move above could see prices testing 32978.
Trading Ideas:
Pepper trading range for the day is 30698-32978.
Pepper rose tracking firm spot market, as farmers held back supplies on hopes of better prices
Supplies have started in small quantities from the new season crop
Exports of Pepper during April 2011- December 2011 stood at 19,500 tonnes as compared to 13,350 tonnes in 2010-11
Spot pepper gained 631.85 rupees to 32295 rupees per 100 kg in Kochi market.
Courtesy: Kedia Commodities
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