Black Pepper futures slumped from the high on short selling trigged by strong global supplies and weak offtakes from the domestic buyers.According to latest estimates, the production of the crop in Vietnam is likely to go up to 135,000-140,000 tonnes this season. The earlier estimate was 100,000-110,000 tonnes. International pepper community projected, global pepper production has risen by around 7.2 per cent to 3.20 lakh tonnes in 2012, compared with 2.98 lakh tonnes in 2011. Based on International Pepper Community (IPC) 2012 forecast, there would be a projected global shortfall of nearly 51,000 tonnes this year. Global consumption could grow by 7,550 tonnes to 371,000 tonnes from 363,450 tonnes last year. The NCDEX Pepper for the May delivery dropped to the intraday low of Rs 37000 and was quoting lower at Rs 37065, down by Rs 195 or 0.52% over the last day close. The counter touched the high of Rs 37640 per quintal. The open interest in the counter dipped 0.93% to 3,299 tonnes, indicating profit taking.
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