PEPPER FUTURES PROLONG THE BULLISH TREND ON SQUEEZE IN SUPPLIES
DATE: 26/04/2012
Pepper futures extended their bullish trend on Thursday on squeeze in supplies in the local markets. However, the upside of the commodity may remain capped due to lesser demand for ongoing summer season. Meanwhile, higher production of jeera on the global front, may also weigh the export demand for Indian commodity. Global Pepper production in 2012 is expected to increase 7.2% to 3.20 lakh tonnes as compared to 2.98 lakh tonnes in 2011 with sharp rise of 24% in Indonesian pepper output and in Vietnam by 10%. On the other hand, India’s pepper production is expected to fall to 43,000 tonnes in 2011-12 compared to 48,000 tonnes in the previous year.
The contract for May delivery was trading at Rs 38,500.00, up by 0.23% or Rs 90.00 from its previous closing of Rs 38,410.00. The open interest of the contract stood at 4836 lots.
The contract for June delivery was trading at Rs 39,095.00, up by 0.86% or Rs 335.00 from its previous closing of Rs 38,760.00. The open interest of the contract stood at 1010 lots on NCDEX.
POWERED BY: COMMODITY INSIGHTS
No comments:
Post a Comment