MUMBAI (Commodity Online): Pepper futures plunged in the morning trade at the NCDEX counter Thursday as the near term fundamentals are weak on increasing arrivals in the domestic market, higher domestic production and weak export demand.

NCDEX pepper March moved in the ranges of Rs 12818-Rs 12756 against the last close of Rs 12829. The counter now quoted at Rs 12795, down Rs 34 from last close and the open interest dipped 0.15 percent to 5,297 tonnes from 5,305 tonnes on last day, indicating that profit taking.

As per expectations, Pepper futures traded on a positive note during Wednesday’s trading session supported by the fundamental factor of steady export demand and higher spot rates.

Start trading in commodities from as low as $50. Join now

Concerns of supply pressure from Vietnam during coming weeks are limiting the sharp rise in prices. The active NCDEX April Pepper futures opened tad higher at 13060 levels and made an intraday high at 13178 levels, lower than the previous day’s high of 13220 levels.

It made an intraday low at 13060 levels and settled the day at 13103 levels, with a positive change of 0.37%.

Pepper futures are expected to trade sideways to higher during the day supported by steady export demand as India is still a competitive source for ASTA pepper in the international market.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook