NMCE Pepper futures ended the day with smart gains on Wednesday on strong local demand against the weak arrivals. The NMCE pepper for the August delivery ended the day at Rs 41,800, up Rs 881 from last close.
Most of the traders in India and overseas are expecting spike in pepper prices on strong demand against the fewer availability. Vietnam had exported nearly 85,000 metric tonnes of pepper valued 554 million USD during the first half of the year 2013. The Vietnam Pepper Association (VPA) predicts that this year’s pepper yield will be 90,000-95,000 tonnes. Therefore the leftover stocks for exports are estimated at around 10,000 bags. As reported earlier, production of pepper in Indonesia would be lower this year. Some sources reported that significant fall will take place in Lampung. It is early to estimate the Indian pepper output for the upcoming crop, the continues rain may affect the crop.
NMCE Pepper gained on smart buying activity in futures supported by strong physical demand against the short supply. The contract ended the day at Rs 41800, up Rs 881 per quintal from Tuesday close.
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