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Indian Black Pepper
futures extended the gains on fresh buying. Strong demand against the tight
supplies added strength in Black Pepper. The total USA Pepper imports from
Jan - Dec. 2011 were at 51,180 MT against 52,014 MT previous year. USA
Imports more pepper from India which stood at 1,244 MT during January 2012.
India's totalproduction of pepper is likely to decline by almost 5000-6000
tonnes from the previous estimates of 43000 tonnes to 36000 tonnes due to
early rainfall in major pepper growing regions which might reduce the pepper
productivity in the current year.
Pepper arrivals in Kochi Mandi decreased to 90 quintals on Thursday on 15th March 2012 from 130 quintals, meanwhile Offtakes jumped to 110 quintals from 70 quintals as on Wednesday. Black Pepper for ready delivery in Kochi, closed Thursday's trading session with positive note at R 40,400, up by R 900 and Un-Garbled pepper ended at R 38,900 per 100 kg, up by R 900 over last close. The NCDEX Pepper March contract ended the session higher at R 40,150, up by R 40 or 0.10% over the last close. The contract traded in the range of R 39,645-41,295 per quintal. The April Pepper ended the last day up 2.20% or R 915 at R 42460 after moving in the range of R 43210-41350 per quintal. The commodity closed the last session with strong note above the 10-day, 20-day and 50-day EMA's and the 14-day RSI is hovering at higher levels around 66.82, indicating uptrend. Technically, the counter is likely to find resistance at R 42900, R 43350 while support is at R 42150, R 41790 per quintal.
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