NMCE Agro Outlook July 22, 2008
Published on July 22, 2008 00:00:00 IST
Pepper futures in NMCE settled lower on profit booking at higher levels. Traders and stockists off load their stocks as fresh arrivals from Indonesia and Brazil, which have been already started. Vietnam pepper association Tuesday confirmed that pepper out put in 2008 declined to 87,000 tonnes, compared with 90,300 tonnes last year. 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. 146.51– Rs. 151.47 and closed at 146.98 (150.69). Combined volume stood at 2546. Open interest decreased by 36 to 835. Pepper inventories in the NMCE accredited warehouses increased by 11MT to 1509 metric tonnes. Pepper spot price quoted at 14600 rupees down by 200 rupees per quintal, in Kochi.
INTRADAY OUTLOOK NMCE Pepper (August) bullish above 146.82 next levels are 147.70 and 149.00. Bearish below 146.07 Next levels are 144.85 and 143.70.
TECHNICALS –NMCE-(INTRADAY-CALLS) Pepper (August) Bullish above 146.82 bearish below 146.07.
