Pepper declines on profit booking

The pepper futures traded highly volatile on Thursday. Futures started the day on flat note traded positive on extended buying.
However, prices reversed back the direction during the day. Profit booking at previous gains pressurized the prices. However, limited arrival of fresh crop at spot market limited the sharp losses.
Outlook
The pepper futures are expected trade positive initially on Friday. Fresh buying at lower levels can be seen during the day.
However, prices are likely to retrace on profit booking at higher levels. Nonetheless, limited arrivals at spot market may limit the losses.
Growers are holding their stocks in anticipation of further rise in prices. Yesterday limited amount of fresh crop arrived at market which was sold in a range of `21,700- 21,900 per quintal.
Indian prices are now competitive in international market and Vietnam crop is expected to hit the market by mid of March till then India has good export opportunity.
According to derivative analysis, prices, volume are declining while open interest is rising. This is a good indication that a sharp rally against downtrend will develop creating a sell point for downtrend.

(Source: http://www.commodityonline.com/futures-trading/technical/Pepper-declines-on-profit-booking-21407.html)