Pepper futures have plunged on Thursday, erasing all its previous session gains on the back of weak export demand, stable spot market and concerns of strong supplies from Vietnam. Recently, Vietnam Pepper Association reported reaching total production output of 100,000-110,000 tonnes of pepper in 2010-2011 crops, equivalent to that of 2010.
The contract for Pepper June delivery was trading at Rs 29220.00, down by 1.41% or Rs 417.00 from its previous closing of Rs 29637.00. The open interest of the contract stood at 4695 lots. The contract for Pepper July delivery was trading at Rs 28930.00, down by 1.17% or Rs 343.00 from its previous closing of Rs 29273.00. The open interest of the contract stood at 5404 lots on NCDEX.
CARDAMOM (JULY)
R1: 815
R2: 830
S1: 785
S2: 770
Trend: Consolidate
Strategy: Sell on High
GUARSEED (JULY)
R1: 3340
R2: 3370
S1: 3285
S2: 3260
Trend: Consolidate
Strategy: Buy on Dips
