MUMBAI (Commodity Online): Pepper futures tumbled in the early trade at the NCDEX counter Friday on the back of weak demand amid higher supply in the spot market.

NCDEX pepper March contract now quotes at Rs 12632, down Rs 60 or 0.47 percent over last close and the open interest dropped 0.44 percent to 4,989 tonnes, indicating profit selling. Volume traded as of now stood at 218 lots. March contract holds strong support at Rs 12600 and then at Rs 12580 levels and the next resistance at Rs 12731 per 100 kg.

Pepper futures traded on a negative note during Thursday’s trading session due to selling pressure on the exchange. Reports of heavy arrivals of fresh crop in Karnataka is supporting the fall in prices.

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Concern of supply pressure from Vietnam is also a bearish factor. The active NCDEX April Pepper futures opened almost flat at 13100 levels and made an intraday high at 13110 levels, lower than the previous day’s high of 13178 levels. It made an intraday low at 12910 levels and settled the day at 12967 levels, with a negative change of 1.04%.
Pepper futures are expected to trade sideways to lower during the day due to arrival pressure. However, short covering might limit the fall in prices.

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