Pepper futures spurted further on strong demand and tight supply situations. The NMCE benchmark December delivery ended the day provisionally at Rs 51390, up Rs 640 or 1.26% from the previous day close. The spot prices touched the record high of Rs 51800 per quintal for the MG-1 in Kochi local market.
India’s pepper production next year is estimated lower at 45,000 tonnes. The output is against 58,000 tonnes produced this year, indicating a massive drop of 22%. Domestic consumption is projected at 48,300 tonnes next year. Globally also the output next year is estimated to be lower by over 6,500 tonnes at 3,33,500 tonnes- a drop of 2%. The projections were made at the International Pepper Community (IPC) meet that is underway at Kuching in Malaysia now.
The NMCE December delivery touched the contract high of Rs 51700 per quintal on strong buying support. The counter gained in Thursday’s session and ended the day at Rs 51390, up Rs 640 or 1.26%.
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