PEPPER SWELLS ON RESTRICTED SUPPLY
Date : 27.02.12
| Restricted supply of pepper in the major producing states along with strong export demand prompted the strong gains in pepper futures in today's trading. The NCDEX futures augmented by almost 3% today. www.goldennifty.com As per market sources, dearth of farmers liquidation was seen in physical markets in the wake of poor production estimates of the current year. The total production 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. Moreover, strong export demand of pepper at the current prices due to weak supplies from Vietnam also added some gains in pepper market. As per the latest release from Spices board India, during April-November 2011, a total quantity of 17,000 tonnes of Pepper valued Rs.518.80 crores have been exported as against 11,850 tonnes valued Rs.217.32 crores of April-November 2010. The export price of pepper to United States and Europe spurted by almost $300 per tonnes in the last one week to trade at around $ 7700 and $7400 per tonne respectively. Consequently, the future prices of Pepper NCDEX March Benchmark contract gained Rs 1450 per quintal, to trade at Rs 37680 per quintal today. |
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