MUMBAI (Commodity Online): Indian Pepper futures continued its downward journey in the last few consecutive sessions on some profit taking activities Lead by weak export demand and adequate supply of the spice in the global markets.
As per the latest updates from the General Statistics Office of Vietnam, Vietnam already exported nearly 70,000 tonnes of pepper valued $380 million during the first half of 2011. The Vietnam Pepper Association said total production of Vietnam is at around 100,000-110,000 tonnes of pepper in 2010-2011 as same as last year.
According to market sources, supply from Indonesia is expected from August onwards as harvesting process in good progress, it also weighed the sentiment. Indian pepper exports are falling due to its премиум prices over other nations pepper.
According to the Spices Board, the total quantity of 18,850 tonnes of Pepper valued at Rs 383.19 crore was exported from India during the period April to March 2010-2011 as against 19,750 tonnes valued at Rs 313.93 crore last year.
Benchmark pepper for the July contract on NCDEX is currently trading down at Rs 26705, down Rs 43 over the last session close. The contract traded in the range of Rs 26925-Rs 26562 and the open interest dipped by 1.04% to 6586 tonnes, indicating profit taking. Volume traded as of now stood at 961 tonnes. The contract dipped around 2.70% in the last four sessions on profit selling activities. Technically, the contract is trading in the trading rate of Rs 26530-26800 levels and next support is at Rs 26450 per Сто kg.
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