| Date: |
02-11-2010 |
| Subject: |
Pepper to Give Handsome Profits on Strong Fundamentals |
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Pepper November contract has touched level of 21450 today on NCDEX. Pepper continued its uptrend as volumes supported prices.
India's pepper imports in 2010-2011 (April-March) are expected to be around 20,000-25,000 tonnes. Imports have been rising as domestic supply is not sufficient to meet demand.
“Technically, Pepper is in bullish mode. Prices can show sharp move for next few days,” said Anil Patadia, commodity analyst with Commodity Online.
According to Spices Board, India produces around 52,000 tonnes of pepper annually while consumption is around 65,000-70,000 tonnes. This demand-supply gap is met through imports. Due to favorable fundamentals, it is expected that India's spices exports in 2010-11 will grow by 5-6%.
Pepper November contract opened at Rs 21130, up by Rs 12 per quintal this morning on NCDEX. It made high of 21470 during trading session.
“Pepper is expected to move upside as buying sentiment is prevailing,” said Patadia.
Source : commodityonline.com
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