PEPPER LIKELY TO REMAIN BEARISH
DATE: 19/04/2012
Pepper eased from the intraday high on Wednesday with paring the last session's gains on strong supplies in the global market and weak overseas demand. May delivery ending the last day down by Rs 400 or 1.02% at Rs 38250 after moving in the range of Rs 39370-38085 per quintal. The open interest added 1.465 to 4,923 tonnes.
Pepper prices tumbled sharply from high due to heavy selling at higher levels triggered by strong supplies in the global market. As per the latest release from the International Pepper Community, Global pepper production has risen by around 7.2 per cent to 3.20 lakh tonnes in 2012, compared with 2.98 lakh tonnes in 2011.
Peak arrivals from the top producer Vietnam are likely to cap strong gains on Indian pepper prices. At the same time, low domestic stocks may support prices on a short term. As per the latest release from the international pepper community, Pepper market seems to remain calm and quiet for the second or even third week now.
Technically, May delivery is likely to find support at Rs 37750, Rs 37250 while resistance is at Rs 38900, Rs 39400 perquintal today. Peak arrivals from the top producer Vietnam are likely to cap strong gains on Indian pepper prices. At the same time, low domestic stocks may support prices during the crop season.
Pepper prices tumbled sharply from high due to heavy selling at higher levels triggered by strong supplies in the global market. As per the latest release from the International Pepper Community, Global pepper production has risen by around 7.2 per cent to 3.20 lakh tonnes in 2012, compared with 2.98 lakh tonnes in 2011.
Peak arrivals from the top producer Vietnam are likely to cap strong gains on Indian pepper prices. At the same time, low domestic stocks may support prices on a short term. As per the latest release from the international pepper community, Pepper market seems to remain calm and quiet for the second or even third week now.
Technically, May delivery is likely to find support at Rs 37750, Rs 37250 while resistance is at Rs 38900, Rs 39400 perquintal today. Peak arrivals from the top producer Vietnam are likely to cap strong gains on Indian pepper prices. At the same time, low domestic stocks may support prices during the crop season.
POWERED BY: COMMODITY INSIGHTS
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