NCDEX Pepper NOV Updates

Pepper NOV  ended up for the third day on strong spot demand against the weak arrival. The NCDEXPepper November ended the day at Rs 43500, up Rs 225 or 0.52% from the last close.

Pepper arrivals were steady at 200 quintals and off takes increased to 300 quintals from 250 quintals. Black Pepper for ready delivery in Kochi, closed Friday's trading session on positive note with MG-1 at Rs 41,900, up by Rs 100 and Un-Garbled pepper at Rs 40,400, up by Rs 100 per 100 kg.

India's total production of pepper during the year 2012 was estimated at 43,000 tonnes against 48,000 tonnes in 2011. India's crop dipped due to old vines, static acreage, low replanting and high labor cost. Besides, unfavorable weather conditions in 2011-12 affected the production. There are reports the next year crop will be slightly better around 50,000 tonnes as crop condition in Idukki in Kerala and Karnataka are likely to be better. The crop is expected to come after mid December only.

Pepper gained 3% in the last three sessions to Rs 43600 level on strong domestic demand. The counter ended the day at Rs 43500, up Rs 225 or 0.52% from last close and the open interest added 4.23% to 5,137 tonnes, indicating fresh buying.