Pepper Plummets Around 3% On Weak Export Demand

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Indian pepper futures slipped further on profit taking on weak export demand amid reports of new arrivals.

The spot prices declined by Rs. 200 on some selling pressure to close at Rs. 21,300 (un-garbled) and Rs. 22,100 (MG 1) per quintal.

The NCDEX pepper for the February delivery traded in the range of Rs. 22954-22315 per 100 kg. The contract dropped 2.71% or Rs. 621 over the last close.

The contract ended the day lower at Rs. 381 or 1.66% at Rs. 22555 per 100 kg. The open interest dipped 8.54% to 9755 tonnes, indicating profit taking. Volume traded surged to 6,313 tonnes from 5,998 tonnes.

A total quantity of 14,000 tonnes of pepper valued Rs. 266.25 crores have been exported as against 15,425 tonnes valued Rs. 243.27 crores of last year. The unit value of pepper has increased from Rs. 157.71per kg in 2009-10 to Rs. 190.18 per kg during 2010-11.

(Source: http://www.indiainfoline.com/Markets/News/Pepper-Plummets-Around-3-percent-On-Weak-Export-Demand/3505055015)

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