The NMCE pepper extended the losses as profit taking continued in the counter. The NMCE pepper for the January delivery ended the day at Rs 52850, down Rs 50 from last close.
It is reported that the new crop light Pepper as well as heavy Pepper has started arriving in the interior markets in India. These products are briskly consumed by the local traders at prices slightly lower than the prevailing price changing the bullish sentiments of the market. The new crop size of the Indian share is estimated only 45,000-48000 tonnes with very limited carry over, hence the reversal can only be for a short period as consumers are waiting in their wings for coverage from any source as there has been a crunch for supplies in Vietnam, Brazil and Indonesia. As per the latest release from the General Department of Vietnam Customs, Vietnam had exported 1,34,000 tonnes of pepper with value of USD900 million in the whole year 2013, up 14.90% and surged 13.40% respectively in volume and value terms over same period last year. Vietnam pepper cultivated area estimated higher at 51,100 hectare in 2013, over 48,200 hectare in the last year, recording an increase of 6%. The overall production is estimated at 1,22,100 tonnes in 2013, up from 1,16,000 tonnes, the production increased by 5.30%.
Pepper futures extended the losses for the second consecutive day as profit taking continued in the counter. The counter settled the today’s session with nominal losses with the January pepper contract on NMCE ended the day at Rs 52850, down Rs 50 from last close.
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