| Date: |
21-09-2010 |
| Subject: |
India Pepper Futures Tumble Further |
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India Pepper futures extended the loss with futures dipping more than Rs 150 on heavy short selling triggered by weak export demand.
NCDEX Pepper for the October settlement slumped Rs 161 or 0.81 percent to the session low of Rs 19910 per 100 kg. The counter currently trading lower at Rs 19945 and the open interest added 1.22 percent to 13,669 tonnes, indicating short selling. Volume traded as of now stood at 2,372 tonnes.
Technically, the counter has next support at Rs 19900 and then at Rs19675. meanwhile the counter has next resistance at Rs 20200 and at Rs 20350 per 100 kg.
Brazilian Black Pepper quoted at U$D 4,150, U$D 4,200 and U$D 4,300 for B2, B1, and ASTA. White pepper at U$D 6,200.Vietnam is reported prices for Monday around U$D 4,050 for 500gl and U$D and 4,300 for 550gl.Prices continue steady in Brazil and Vietnam. As far as for Brazil a continuous depreciation of the American Dollar does not help much the prices to decrease.
Source : indiainfoline.com
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