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Pepper Rises For Second Day On Short Covering

Capital Market/ 15:00 , Dec 08, 2012

Black Pepper futures surged for second day lead by strong demand at lower side. The NCDEX Pepper benchmark February contract ended the Saturday's session at Rs 34000, up Rs 385 or 1.15% from the last close. 

Pepper MG-1 ended the Saturday's session higher at Rs 38700 and the Un- Garbled at Rs 37200 per quintal, steady over the last close. 

International Pepper Community projected production and export estimates of pepper in 2012 would be around 324,000 mt and 249,000 mt respectively, as against 317,700 mt and 246,200 mt in 2011. Taking into account of stock brought forward from 2011, import and domestic consumption in 2012, around 85,750 mt would be carried forward as stocks for 2013. Local pepper is expected around 50-55 thousand tonnes in 2012-2013 against 43,000 tonne in 2011-12. Indonesian crop is projected higher. Pepper harvesting will begin in end week of December in Kerala's Idukki district, the main pepper producing areas and arrivals will begin in second week of January. Indian pepper in the international markets remains weak as huge price parity also pressurized prices. Pepper futures turned bearish in October end on the reports of weak demand and reports of arrivals of fresh crop in some areas in Kerala.

Pepper plummeted to Rs 33,000 per quintal, down from the high of Rs 42700 per quintal in the last week of September. Pepper tumbled down on ten back of arrivals in the local mandis and weak export demand. The counter recovered on bargain buying at lower side. The February contract ended the Saturday's session at Rs 34000, up Rs 385 or 1.15% from the last close. The counter made intraday high of Rs 34450 in today's session, up nearly Rs 1,250 from the recent low. The contract ended the session at Rs 34000, up Rs 385 or 1.15% from the last close. The open interest added 108 tonnes to 2,355 tonnes, indicating fresh buying.




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