PEPPER IS EXPECTED TO TRADE UP MODERATELY
DATE: 23/04/2012
Domestic markets of producing countries showed a mixed response during the week, with limited activity. In Vietnam, local price increased from VND 115,500 per kg at the beginning of the week to VND 119,000 at the week's close. Farmers continued to hold on the new material into stocks, while expecting to have better price in future. Pepper harvest in Vietnam will reach a peak in late April. In India, pepper price decreased to INR 36,000 per 100 kg at beginning of the week from INR 37,100 at the last week's close. The prices then increased by INR 600 per 100 kg on Tuesday. On an average however, the price was lower by 3% when compared to last week's average. Prices in Lampung remained stable at IDR 55,000 per kg locally. Market activity in Lampung was also very limited, because no catch crop took place in March/April this year. Stable price was also recorded in Malaysia. In Bangka, the price increased marginally, while in Sarawak and Vietnam, the prices were recorded stable.
The NCDEX Black Pepper for the May delivery ended the last day up by 1.22% at R 39385 after moving in the range of R 39625-38850 per quintal. Pepper arrivals in Kochi Mandi decreased to 60 quintals on Saturday on 21st April 2012 from 500 quintals, meanwhile offtakes slumped to 80 quintals from 300 quintals as on Friday. Black Pepper for ready delivery in Kochi closed Friday's trading session with positive note at R 39,000, up by R 500 per quintal. Technically, the counter is likely to find next resistance at R 39625, R 40250 while support is at R 39110, R 38850 per quintal.
POWERED BY: COMMODITY INSIGHTS
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