MUMBAI (Commodity Online): Pepper futures traded slightly higher Tuesday on fresh buying amid higher arrivals in the spot market.

NCDEX pepper April contract on traded between Rs 13012-Rs 12900 against the last close of Rs 12932 levels. The counter now quotes at Rs 12975, up Rs 43 or 0.33 percent from last close and the open interest added 2.81 percent to 5443 tonnes.

Technically the April contract has next resistance at Rs 13100 and support at Rs 12850 level. A break above the level Rs 13100 will support further uptrend in the contract.
Pepper fundamentals are weak on higher arrivals in India and Vietnam and India's export demand is weak.

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Demand from the overseas buyers is silent over a couple of days. Buyers are waiting in anticipation that the Pepper prices in the international market may ease further due to fresh pepper arrivals from Vietnam. This may pressurize the prices in the short term.

Further, pepper prices in the short term (till March) may depend on the arrivals in the domestic mandis, overseas and domestic demand and pepper prices in the international market of the various origins such as Indian, Vietnam, Brazil and Indonesia.

In the medium to long term (April onwards) prices may depend on the pepper stocks in Vietnam, Indonesia and Brazil. Demand from the overseas and domestic market, clear production estimates of Vietnam.

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