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On Monday (05 March
2012), the pepper market shot up with both futures and spot prices scaling
new heights on good demand amid limited supply. As a result, spot prices hit
the highest-ever price in its history of R 395 per kg for garbled and R 380
per kg for ungarbled. The March contract on the NCDEX shot up by R 1,550 a
quintal to close at R 40,200, while April and May increased by R 1,565 and R
1,565, respectively, to close at R 40,645 and R 40,645 per quintal.
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Black Pepper
continued strong gains on the back of strong demand amid weak supplies in the
local mandis. March Pepper on NCDEX ended the week up by 6.87% at Rs 38650
per quintal. Black Pepper March contract on NCDEX ended the last day up by 4%
or Rs 1,490 at Rs 38650 per quintal with the open interest added 1.45% to
4,202 tonnes.Technically, the counter is likely to find resistance at Rs
39000, Rs 39250 while support is at Rs 38200, Rs 38700 per quintal.
Vietnam was reportedly traded at USD 6,400 for 500gl and possible more. India's parity was quoted at USD 8,000 PMT. Brazil suffering form strong and continuous Real appreciation was very quiet. Few deals reported averaged at USD7,050 fob. Black Pepper for ready delivery in Kochi, closed Saturday's trading session with positive note at Rs 38,300, up by Rs 1,000 and Un-Garbled pepper ended at Rs 36,800 per 100 kg, up by Rs 1,000 over last close. www.goldennifty.com The market continued to be firm during the week at all origins. This was due to the high demand coupled with limited supply from producing countries. Based on the recent developments, India's pepper production is expected to fall precipitously this year. Under this situation farmers tend to hold pepper unless they receive better prices. Consequently, prices rose almost every day. On an average, price in India increased significantly by 12-17% this week in spot, fob and futures market. The high ruling price is likely to continue till the size of estimated pepper production in Indonesia becomes clear. Price increases in Lampung and Sri Lanka reached 7-9% this week and in Sarawak and Vietnam, price increase of 2% and 1% respectively are also recorded. In Brazil, the market was quiet as holiday mood of last week's Carnival still exists. www.goldennifty.com |
