Pepper April delivery dropped Rs 103 and settled at Rs 25321/quintal on subdued exports as Indian pepper is quoting at a premium to competitors in theinternational market. Overseas buyers are not interested in buying the high priced Indian produce. Export demand may improve only if our prices comes down. India exports around 40-45 percent of its annual production. Meanwhile, it has been reported that the area under pepper has been drastically shrinking in Kerala, one of the major producer during the last few years due to instability in output price, high wage rates, shortage of labour, high incidence of diseases, declining crop productivity and increasing cost of production. Spot pepper gained 89.4 rupees to 24555 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 25619/quintal while low of Rs 25164/quintal. Now support for the pepper is seen at 25117 and below could see a test of 24913. Resistance is now likely to be seen at 25572, a move above could see prices testing 25823.
Pepper trading range is 24923-25833.
Pepper dropped subdued exports as Indian pepper is quoting at a premium to competitors
Pepper looks to test support at 25117 and resistance is seen at 25572.
NCDEX accredited warehouses pepper stocks rose by 9 tonnes to 2875 tonnes.
Spot pepper gained 89.4 rupees to 24555 rupees per 100 kg in Kochi market.