NCDEX Pepper slips further on weak export demand

24 Sep 2010 , 09:26 AM

Subdued cues from global market kept the pepper futures down for the fourth trading session on Thursday as it shed 1.13% in the morning trade. NCDEX Pepper for the October delivery opened the day at Rs 19534 and slumped to the low of Rs 19270 down Rs 221 or 1.13 percent from the last close. The contract is currently trading at Rs 19335 down Rs 156 or 0.80 percent from the last close. The open interest in the contract added 2.63 percent to 13 761 tonnes indicating short selling. Volume traded as of now stood at 3 309 tonnes.

Pepper October delivery dropped Rs 13 and settled at Rs 19497 quintal on poor supplies lower stocks and diminishing stocks with major producing countries but lackluster overseas demand weighed on sentiment. There are no fresh positive triggers in the pepper market. Lower supplies may support buying at lower levels but prices will not sustain at higher levels in absence of overseas demand. Spot pepper dropped 58.9 rupees to 19718.75 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19645 quintal while low of Rs 19352 quintal. Now support for the pepper is seen at 19351 and below could see a test of 19205. Resistance is now likely to be seen at 19644 a move above could see prices testing 19791

Commodity Online sourced by HT Media Ltd