NCDEX Pepper Plunges On Weak Exports .

MUMBAI (Commodity Online): Indian Pepper futures ended the last session four percent lower on weak export demand and strong supplies of the commodity in the global markets.

Benchmark Black pepper July contract on NCDEX ended the last session at Rs 29208 after hitting the high of Rs 30524 per 100 kg.

Black Pepper for ready delivery in Kochi, closed Thursday's trading session (as on 23rd June 2011) with negative note at Rs 28,300, down by Rs 500 over the last close.

Pepper futures opened with sharp losses on Friday with the July contract on NCDEX opened at Rs 28996 and moved in the range of Rs 29190-Rs 28641 per 100 kg. The contract is currently trading higher at Rs 28821, down by Rs 387 per 100 kg and the open interest dipped 0.35% to 7723 tonnes, indicating profit taking. Volume traded as of now stood at 4,267 tonnes.

According to the Spices Board, the total quantity of 18,850 tonnes of pepper valued at Rs 383.19 crore was exported from India during the period April to March 2010-2011 as against 19,750 tonnes valued at Rs 313.93 crore last year.

International Pepper Committee (IPC) in November last year predicted global pepper production this year will be less than 6,500 tons last year, only 309,000 tons, and the market will lack 45,000 tons. The new report has yet been announced. Indonesia upcoming season of harvest is very important to price trends in the remaining months of this year.

Source : commodityonline.com