India Pepper futures may turn bearish on high production estimates

NEW DELHI(Commodity Online): Pepper futures market may turn bearish on high production estimates around the world. Global pepper production in 2012 is projected at 3,20,000 tons, against 2,98,400 ton during the previous year, according to International Pepper Community (IPC).

Largely due to higher production reported by Vietnam and Indonesia the production is seen higher by 7.2%.

Vietnam, the largest producer, is projected to have production of 1,10,000 ton for the new crop. The production estimate shows an increase of 10,000 ton when compared with the figures of 2011.

During the next year, the country is expected to export 1,20,000 ton and have a stock of 14,500 by the year-end. At the end of 2011, Vietnam is expected to have carry forward stock of just 10,000 tons.

Indian production is projected to decline by 5,000 ton to touch 43,000 ton during 2012. The country is estimated to import 14,000 ton of the commodity and export nearly 21,000 ton.

A carry ?forward stock of 15,370 ton with it and the exportable volume for the next year is projected around 32,370 ton is estimated in India.

In NCDEX pepper is trading on a negative note at Rs 39150. a percentage change of -1.82 at 4:14PM on Friday.

During the year 2012, internal consumption by the producing countries is projected around 1,24,870 ton. Exports is pegged around 2,46,045 ton as against 2,42,250 ton during 2011. Of the total, 2,48,250 ton is projected as black and the 71,905 ton as white pepper.

Source: http://www.commodityonline.com/futures-trading/market-report/India-Pepper-futures-may-turn-bearish-on-high-production-estimates-29264.html

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