Pepper March futures prices are expected to extend the corrections on prevailing uncertainty in prices.
According to trade sources, domestic demand is good but most of the material is getting sold at farm gate at cheaper rate which is weighing on sentiments.
Indian parity in the international market has slightly declined to $6,350 per MT and $6750 per MT (c&f) for Europe and US respectively
However, Brazil and Vietnam pepper prices are still lower which is weighing on Indian exports
According to trade sources, looking at the arrivals at spot front production might be lower than estimated
Global pepper production is expected to rise by 7% amid higher production projected in Vietnam
According to derivative analysis, prices have declined while volumes and open interest have declined.
It indicates that new money is coming into the market, showing aggressive new short selling. This scenario will prove out a continuation of a downtrend or bearish
Pepper NCDEX Mar-12 support: 29220 29397 resistance: 29876 30130 Sell below 29500 TP 29050 SL 29900
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