MUMBAI (Commodity Online): Pepper futures at India’s National Commodity and Derivatives Exchange has continued to gain on Tuesday after witnessing a sharp fall last week to the extent of 5.45%.

On Tuesday trading , Pepper December has continued to witness gains rising to 39275 after hitting a high of 39490.Pepper February traded up 2.16% at Rs 36140, March was up 1.83% at Rs 355850 and April was up 1.76% at Rs 35895.

On Monday, pepper futures gained on short covering and reports that FMC has launched a probe into manipulation of pepper market gave positive sentiments to investors. On the other hand weak export demand and prospects of better production in India and other growing regions put downward pressure on prices.

“Even though broad sentiments still  on weaker side, a pullback rally to 39500 or up to 40000 may be seen  before resuming  the downfall towards 38000 levels for the day. Daily  RSI is extremely over sold probably support the sentiments. On the higher side, direct rise above 40000 could lift prices to 41000 levels in the near term, ” according to Geojit Comtrade.