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Spot pepper markets witnessed sales to the tune of 35 tons on Friday in Kochi. Ungarbled variety saw sales at the rate of 409/kg for 10 tons of the commodity and 410/Kg for 25 tons thus clocking 35 tons of total sales..

05 Oct 2012

KOCHI(Commodity Online): According to analysts, NCDEX pepper October contract is having good resistance at Rs.43,800 and major support at Rs.42500. The production estimates in India is giving a weak outlook for the commodity. It may stay bearish unless it breaks the resistance of Rs.43,800.

The contract opened at 43400, touched a high of 43490 and a low of 43025 to close at 43345 on Friday.

Spot pepper markets witnessed sales to the tune of 35 tons on Friday in Kochi. Ungarbled variety saw sales at the rate of 409/kg for 10 tons of the commodity and 410/Kg for 25 tons thus clocking 35 tons of total sales. The markets are bearish.

Garbled variety is marked against NCDEX futures and as on 4.18 PM, Friday, prices stood at 432.45/kg. Volume of the contract delivered would be clear today. As on 04-October-2012, NCDEX dematted stocks are at 3704 metric tons and quantity in process is at 50 metric tons.

International shipments of India pepper was being quoted at $8,475-8,600 a ton even as Indonesia Asta at $6,750 a ton. Vietnam was offering 550GL at the rate of $6,900 a tonne, reported the Hindu Business Line.

Total global pepper output may climb by 7.2 per cent to 3.20 lakh tons as a sharp rise in Indonesian and Vietnamese production is expected.


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