MUMBAI (Commodity Online): Pepper futures added some more gains Wednesday due to fresh buying driven by the reports on global shortage and increasing demand.

NCDEX pepper April contract jumped further Rs 200 to the session high of Rs 13420/100 kg and the counter now quotes at Rs 13382 level. The open interest added 2.07 percent, indicating fresh buying.

Near month March contract gained Rs 190 to Rs13149 and the open interest dipped 6.56 percent, indicating short covering.

Malaysian Pepper Board director said in the latest report on Monday 15 March 2010 that pepper prices are expected to stay firm on global shortage. Pepper futures traded on a positive note during yesterday’s trading session due to continued bargain buying on the exchange.

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

Harvesting is almost over for this spice but market arrivals have remained limited. It had led to concerns of significant fall in production. However, reports of arrival pressure from Vietnam is limiting the upside movement in prices.

The active NCDEX April Pepper futures opened higher at 12900 levels and made an intraday high at 13264 levels, higher than the previous day’s high of 13072 levels. It made an intraday low at 12900 levels and settled the day at 13224 levels, with a positive change of 2.26%.

Pepper futures are expected to trade sideways to higher for the day to prevailing tight global supply situation.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook