MCX
-10.87
NCDEX
0
NMCE pepper futures improved on higher domestic prices. Kerala, India's largest producer has received 39 percent lower rainfall during June 1-July 9, compared with its long-term average, according to the weather department. Vietnam pepper association Tuesday confirmed that pepper out put in 2008 declined to 87,000 tonnes, compared with 90,300 tonnes last year. Traders are approaching a wait and watch strategy ahead of arrivals from Indonesia and Brazil. Farmers and stockists are holding their stocks on expectation of increase in price. According to the Spices Board, total pepper output in India was 50,000 tonnes this year, almost steady compared to last year. In Vietnam, the largest producer and exporter, harvesting ended in June while in India, harvesting starts in December and continues to February.
August contract in NMCE traded in the range of Rs. 149.52– Rs. 151.95 and closed at 150.69 (150.29). Combined volume stood at 1890. Open interest increased by 32 to 871. Pepper inventories in the NMCE accredited warehouses stood at 1498 metric tonnes. Pepper spot price quoted at 14800 rupees up by 200 rupees per quintal, in Kochi.
INTRADAY OUTLOOK
NMCE Pepper (August) bullish above 150.52 next levels are 151.41 and 152.70. Bearish below 149.79 Next levels are 148.60 and 147.38.
TECHNICALS –NMCE-(INTRADAY-CALLS)
Pepper (August) Bullish above 150.52 bearish below 149.79
