After a lacklustre trading session in NMCE, pepper futures were settled lower on sluggish demand situation in the physical market. Traders were sidelined in the absence of fresh leading news in the market. New arrivals from Brazil and Indonesia will start in July, two of the world's largest producers and exporters. Vietnam arrivals are still continuing even though the harvesting season finished by the end of May. According to the Spices Board, total pepper output in India was 50,000 tonnes this year, almost steady compared to last year. While in India, harvesting starts in December and continues to February, the world's second largest producer.
July contract in NMCE traded in the range of Rs. 139.25– Rs. 141.00 and closed at 139.87 (140.80). Combined volume stood at 1278. Open interest decreased by 28 to 917. Pepper inventories in the NMCE accredited warehouses decreased by 50MT to 1665 metric tonnes. Pepper spot price decreased by 100 rupees to 14200 rupees a quintal, in Kochi.
INTRADAY OUTLOOK
NMCE Pepper (July) bullish above 140.62 next levels are 141.71 and 143.00. Bearish below 140.07 Next levels are 139.14 and 137.85.
Medium term Outlook
On Medium term basis, NMCE pepper (July) Bullish above 148.30, Res: 150.00, 153.30 and 155.00. Supports held at 143.70, 140.00 and 136.20.
Source: Commodityonline
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