Pepper Trades In Tight Range In Early Moves

Pepper futures traded with firm to tight trading range on NCDEX in today's early trading sessions. NCDEX pepper for the February delivery ended the last session higher by 0.60% at Rs. 23099 after moving in the range of Rs. 23200- 22805 and the open interest added 4% to 11048 tonnes.

Pepper prices at origins remained unchanged except in Brazil and Vietnam, although pepper harvest in India has started. There is no selling pressure reported. Trading activity in India was calm during the week as indicated by trade volumes reported in the Commodity Exchange. Prices were relatively stable both in spot market, fob as well as in futures market.

Tight supply position against strong demand was witnessed in the global markets. Fresh arrivals from new crop were not much as harvesting delayed in kerala due to untimely rains. Domestic demand from the north Indian buyers during the winter season is strong.

Pepper for the February delivery on NCDEX traded in the range of Rs. 23195- 23075 and the contract is currently trading higher at Rs. 23137, up Rs. 38 or 0.16% over the last close. The open interest in the contract added 1.12% to 11172 tonnes.

Pepper February contract has next resistance at Rs. 23,280 and supports at Rs. 22,950 per 100 kg.

(Source: http://www.indiainfoline.com/Markets/News/Pepper-Trades-In-Tight-Range-In-Early-Moves/3500031073)