PEPPER FUTURES ADVANCE ON SHORT COVERING
Date: 10/04/2012
For the third day in a row Pepper futures saw advances in the benchmark contract. Indian Pepper future on NCDEX trading platform was at R 39620 per quintal, up by R 290 or 0.7%. Short covering in the pepper contract and rumours of supply side tightness is advancing the futures.
Pepper prices were at R 45700 per quintal in mid March from where a slippage brought it down to R 37800 per quintal. In Kochi spot market, prices of Malabar pepper was quoting at R 38389 per quintal.
Some traders are of the view that it is just a temporary up phase and prices will resume downward journey in coming days. Strong arrival situation from Vietnam which is the top Pepper producing country is likely to check the rise of prices.
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