MUMBAI (Commodity Online): Pepper futures expected to continue uptrend on Saturday on the back of firm demand in the physical market amid thin supply from the fresh crop.
On Friday in NCDEX pepper February contract gained 1.37% at Rs.32505 per quintal against the previous close.
Demand from the overseas buyers remains dull currently as buyers remain absent from the market. Fresh arrivals from the domestic will gain momentum by second week of February 2012 as harvesting was delayed due to rains in the first week of January 2012.
Global Pepper production in 2012 is expected to increase 7.2% to 3.20 lakh tonnes as compared to 2.98 lakh tonnes in 2011 with sharp rise of 24% in Indonesian pepper output and in Vietnam by 10%. Pepper production in Vietnam and Indonesia is projected at 1.10 lakh tonnes while that in Indonesia is projected to be 41 thousand tonnes.
According to Spices Board of India, exports of pepper during April 2011 November 2011 stood at 17,000 tonnes as compared to 11,850 tonnes in 2010-11, rise of 43.6%.
According to International Pepper Community (IPC) exports of black pepper during January to October 2011 from six major exporting countries (Brazil, India, Indonesia, Malaysia, Vietnam and Sri Lanka) was around 2.04 lakh tonnes a decline of 4.6% as compared to 2.14 lakh tonne in the same period last year.
