Pepper falls on profit booking

The pepper futures traded down on active profit selling on higher levels on Thursday. Futures started the day on positive note on active buying interest and made the day’s high. However, prices reversed the trend on active profit booking at gains and remained down for whole day giving negative closing.
Outlook
The pepper April futures are projected to continue the losses initially on profit selling on Friday. However, active buying at lower levels amid tight supply situation might support the prices to bounce back later in the day. Exporters are actively buying at spot but strengthening of rupee against dollar is limiting the gains from last two days.
As per trade sources, Vietnam is not offering ASTA grade pepper which might turn overseas buyers towards India.
Indian traders are getting fresh export enquiries from global buyers, hence, is likely to support the price in spot as well as futures market in coming days.
Prices quoted by India in international market moved up to $5700-5725 per ton remained above as compared to other origins, though they are also quoting higher prices.
Vietnam and Indonesia are also quoting higher prices. Vietnamese 500 g/l is quoting available at $4950 and Indonesian Lampong ASTA is at $5250 per mt.
According to derivative analysis, prices, volumes and open interest all are falling. If the total open interest is falling off and prices are declining, the price decline is being caused by disgruntled long position holders being forced to liquidate their positions. It indicates that downtrend will end as all the sellers have sold their positions, creating fresh buying opportunity at lower levels.

(Source: http://www.commodityonline.com/futures-trading/technical/Pepper-falls-on-profit-booking-22945.html)