PEPPER TRADES HIGHER ON STRONG SME QUOTES
DATE: 02/05/2012
Black Pepper futures in Indian market bounced back from the last session losses lead by fresh buying tracking the gains in the Singapore Mercantile Exchange. The NCDEX Pepper May delivery ended the last day down by Rs 520 or 1.39% at Rs 36860 after moving in the range of Rs 37630-36710 per quintal. The SME May pepper contract is currently trading higher at $ 6,345, 0.28% after moving in the range of $6643-6320 per tonne. The June 2012 Pepper delivery was quoting up at $6746, up 5% over the last day.
In today's trading session, the NCDEX Pepper May delivery is currently trading higher at Rs 37250, up Rs 390 or 1.06% over the last day close. The counter moved in the range of Rs 37470-36830 per quintal and the open interest added 0.73% to 4,434 tonnes. Technically, the counter is having next resistance at Rs 37500, Rs 37720 while support is at Rs 36800, 36585 per quintal.
Based on International Pepper Community (IPC) 2012 forecast, there would be a projected global shortfall of nearly 51,000 tonnes this year. While world production would increase by more than 21,755 tonnes or 7.3% to 320,155 tonnes from 298,400 tonnes in 2011, global consumption could grow by 7,550 tonnes to 371,000 tonnes from 363,450 tonnes last year.
In today's trading session, the NCDEX Pepper May delivery is currently trading higher at Rs 37250, up Rs 390 or 1.06% over the last day close. The counter moved in the range of Rs 37470-36830 per quintal and the open interest added 0.73% to 4,434 tonnes. Technically, the counter is having next resistance at Rs 37500, Rs 37720 while support is at Rs 36800, 36585 per quintal.
Based on International Pepper Community (IPC) 2012 forecast, there would be a projected global shortfall of nearly 51,000 tonnes this year. While world production would increase by more than 21,755 tonnes or 7.3% to 320,155 tonnes from 298,400 tonnes in 2011, global consumption could grow by 7,550 tonnes to 371,000 tonnes from 363,450 tonnes last year.
POWERED BY: COMMODITY INSIGHTS
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