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Pepper futures on the NCDEX opened lower at Rs 43,725 a quintal on Tuesday against the previous close of Rs 43,880. However, it gained ground and was up by 0.3 per cent at Rs 44,010 at 12.40 pm. It registered the day’s high of Rs 44,090 and low of Rs 43,710.
Pepper demand was boosted by renewed purchases ahead of the festivals. Farmers were liquidating their stocks anticipating prices to fall in the coming days. Traders are buying pepper directly from the farmers. Arrivals in the Kochi spot market was reported at 59 tonnes while offtake was at 60 tonnes on Monday.
Export demand for Indian pepper in the international markets was weak due to the huge price parity. Global pepper production in 2012 is expected to increase seven per cent to 3.20 lakh tonnes as compared to 2.98 lakh tonnes in 2011, with a 24 per cent rise in Indonesian and 10 per cent in Vietnam.
Festive season demand is expected to support futures prices at lower levels. However, low export demand and good supplies in the international market from other origins may cap sharp gains.
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