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NEW DELHI (Commodity Online): Pepper futures in India showing a negative trend despite tight supply and higher demand in the domestic market. Pepper futures on India's National Commodity and Derivatives Exchange (NCDEX) were down by 0.81 percent at Rs. 34155 per 100 kg for February contract as of 11.19 IST on December 13.
“Over all trend is looking bearish, support is at 33300 level and short term resistance at 34800,” says Milan Shah, Agri Research Manager at Commodity Online, reacting to the pepper trend for February contract.
Pepper harvesting will begin in the last week of December in Kerala state (a major pepper producing state in India) and arrivals will begin in the second week of January. Local pepper is expected around 50 to 55 thousand tons in 2012-2013 against 43,000 tons in 2011-12.
Rise in the arrival of old pepper stock and new crop may pull down the domestic pepper prices in India in coming months.
For short term, prices on both spot and futures market are expected to move up on tight supply and higher domestic demand. Wedding and winter season demand in North Indian states is expected to push up market prices further.
Traders from Bihar, Utter Pradesh, Delhi, Mumbai, Gujarat and Madhya Pradesh are showing interest to buy pepper.
At Kochi, pepper spot prices were Rs. 372,000 per ton for ungarbled and Rs. 387,000 per ton for garbled. However, on spot markets pepper was traded at Rs. 370 per kg on Wednesday.
Indian pepper in the international market remains weak as huge price parity also pressurized prices.
This year, Indonesian pepper crop is projected higher while Brazil crop is estimated lower against the normal crop size.
According to the report about quantity of production, export and consumption of major pepper farming countries which was presented at IPC conference in Sri Lanka, the total quantity of global 6pepper supplies in 2012 was estimated at 324,090 mts.
