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Strong demand against the fall in the production supported the uptrend in the pepper prices with prices breaching the resistance Rs 40400 per quintal. The latest report from the IPC says that, pepper prices dropped recently due to weak overseas demand and anticipation of crop from Brazil and Indonesia. The inventory levels are weak and there is wide gap in supply and demand estimates.
Pepper prices zoomed both in the local cash market and commodity bourses on strong buying support. The NCDEX Pepper for the June delivery was facing resistance at Rs 40400-40450 per quintal during the last few sessions. The July delivery gained above the resistance Rs 40400 with futures hitting new high of Rs 40735 per quintal. The counter ended the day at Rs 40575, up Rs 180 or 0.45% over the last day close and the open interest added 3.45% to 3,185 tonnes, indicating fresh buying.
Pepper arrivals in Kochi Mandi increased to 120 quintals on Wednesday on 13th June 2012 from 60 quintals, meanwhile offtakes jumped to 150 quintals from 60 quintals as on Tuesday. Black Pepper for ready delivery in Kochi, closed Wednesday's trading session with positive note at Rs 39,900, up by Rs 200 and Un-Garbled pepper ended at Rs 38,400 per 100 kg, up by Rs 200 over last close.
Technically, the NCDEX Pepper for the July delivery is likely to find next resistance at Rs 40800, Rs 41500 and support is at Rs 40300, Rs 40030 per quintal.
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