| Date: |
15-05-2010 |
| Subject: |
India pepper ends higher on firm local demand |
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MUMBAI, May 14 (Reuters) - India pepper futures ended higher, supported by local demand and limited supply as farmers awaited higher prices, but weakness in overseas demand weighed, analysts said.
"There is strength in the market. Global pepper production is likely to be down. Our domestic output is also around last years level. I expect prices to go up," said Nalini Rao, analyst at Angel Commodities.
Spot pepper gained 15 rupees to end at 16,215 rupees per 100 kg in Kochi, a major trading hub in Kerala.
India's pepper output in 2010 is expected around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks, a Reuters poll of eight traders, exporters and analysts showed.
Pepper exports in February 2010 fell 3.22 percent to 1,500 tonnes on year, the Spices Board said.
Following are the closing prices of pepper futures in rupees per 100 kg on the National Commodity and Derivatives Exchange Ltd.
Source : REUTERS
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