| Date: |
06-10-2010 |
| Subject: |
NCDEX Pepper Trades Higher On Fresh Buying |
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NCDEX pepper traded with marginal gains lead by fresh buying amid tight supply position and lower stocks. However, sluggish export demand for Indian pepper due to premium prices dragged down the pepper futures.
In today's early session, NCDEX Pepper for the October delivery gained Rs. 114 or 0.61 percent to the session high of Rs. 18748 per 100 kg. The counter is currently trading higher at Rs. 18643 and the open interest added 0.15 percent to 11,606 tonnes, indicating fresh buying.
Technically, the October pepper contract has next resistance at Rs. 18826 and at Rs. 19050. Meanwhile, the contract has support at Rs. 18520 and at Rs. 18310 per 100 kg
As per the latest updates from Spices Board of India, Pepper exports from India during the period April-August 2010 slipped 5 percent in volume terms to 7,600 tonnes and surged 6 percent in value terms to Rs. 12,906.00 lakh.
Tight supply position against strong demand is supporting the pepper prices to move further in the domestic futures market. The availability in India and Vietnam is limited while harvesting is under progress in Brazil and Indonesia. The domestic demand is very high in India and current demand is very high ahead of the festive season.
Source : indiainfoline.com
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