PEPPER GAINS FURTHER ON BARGAIN BUYING
DATE: 26/04/2012
The Indian pepper futures extended the gains on fresh buying support at lower levels. NCDEX Pepper futures edged higher on Wednesday though some intraday selling pulled the benchmark May futures lower from highs near Rs 38800 per quintal levels. The counter had dropped heavily at the start of the week following anticipation of heavy supplies from Vietnam and continued selling by local traders. However, the futures managed to recover decently in the last session and were seen advancing impressively on Wednesday. The local spot markets are in a recovery mode after nearing a one and half month low near Rs 37k during the mid April trades. The benchmark futures closed at Rs 38650, up Rs 545 or 1.40% on the day.
Pepper arrivals in Kochi Mandi decreased to 110 quintals on Wednesday on 25th April 2012 from 140 quintals, meanwhile offtakes jumped to 170 quintals from 120 quintals as on Tuesday. Black Pepper for ready delivery in Kochi, closed Wednesday's trading session with positive note at Rs 38,800, up by Rs 300 and Un-Garbled pepper ended at Rs 37,300 per 100 kg, up by Rs 300 over last close.
The NCDEX Black Pepper for the May delivery was quoting currently at Rs 38865, up Rs 455 or 1.18% over the last close. The counter moved in the range of Rs 39000-38510 per quintal and the open interest added 1.10% to 4,834 tonnes.
POWERED BY: COMMODITY INSIGHTS
No comments:
Post a Comment