PEPPER LIKELY TO GAIN FURTHER ON STRONG SPOT DEMAND
DATE: 21/06/2012
Pepper prices zoomed both in the local cash market and commodity bourses on strong buying support. The NCDEX Pepper July contract ended the last session higher at R 40,700, up by R 250 or 0.62% over the last close. The contract traded in the range of R 40,410-40,840 per quintal. Black Pepper for ready delivery in Kochi closed Wednesday's trading session on positive note with MG-1 at R 38,500, up by R 200 and Un-Garbled pepper at R 40,000, up by R 200 per 100 kg.
Strong demand against the fall in the production supported the uptrend in the pepper prices with prices breaching the resistance R 40400 per quintal. The latest report from the IPC says that, pepper prices dropped recently due to weak overseas demand and anticipation of crop from Brazil and Indonesia. The inventory levels are weak and there is wide gap in supply and demand estimates.
Technically, the July Pepper is expected to trade with resistance at R 40890, R 41350 and support is at R 40400, R 39920 per quintal.
Strong demand against the fall in the production supported the uptrend in the pepper prices with prices breaching the resistance R 40400 per quintal. The latest report from the IPC says that, pepper prices dropped recently due to weak overseas demand and anticipation of crop from Brazil and Indonesia. The inventory levels are weak and there is wide gap in supply and demand estimates.
Technically, the July Pepper is expected to trade with resistance at R 40890, R 41350 and support is at R 40400, R 39920 per quintal.
POWERED BY: COMMODITY INSIGHTS
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