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Sunday, April 17, 2011

Pepper futures continue to be bullish on tight stocks and limited arrivals in the market

Pepper futures continue to be bullish on tight stocks and limited arrivals in the market : India pepper market continues to be bullish on poor spot supplies, depleting domestic stocks while weak export demand is limiting upside gains. The most active May futures contract at National Commodity and Derivatives Exchange (NCDEX) hit a fresh contract high of Rs 27539 per quintal this week and closed marinally higher at 26930 on profit booking at higher levels. The contract has gained 6.21% this week.

India's pepper exports in April-February fell 10 percent on year to 16,600 tonnes expect pepper futures to recover from lower levels because of a squeeze in supplies. Arrivals have been poor in the spot market because of almost stagnant production in the last two-three years. Export demand is expected to pick up due to limited supplies from other origins including Vietnam. The pepper growers are taking a wait-and-watch attitude expecting further gains in prices.
Adverse weather in October-December 2010 affected the yield of pepper vines in Kerala and Karnataka impacting output this year. NCDEX May Pepper is due for correction although tight supplies and export demand will give firm support to prices. For the latest updates PRESS CTR + D or visit Stock Market news Today

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