India pepper up on low arrivals, Vietnam price talk
MUMBAI, June 10 (Reuters) - Indian pepper futures rose on Tuesday as domestic arrivals decreased due to rains and on talk of a price hike in Vietnam, analysts said.
"Arrivals have come down in the last few days due to heavy rains in Kerala," said Vibhu Ratandhara, an analyst with Bonanza Commodity Brokers Pvt Ltd.
In the physical market, arrivals were about 40 tonnes, down from about 65-70 tonnes last week, said Ajit Khona, a Kochi-based trader.
A hike in prices in Vietnam also boosted the sentiment, said an analyst with Motilal Oswal Commodities Broker Pvt Ltd.
Prices in Vietnam rose about $100 per tonne as farmers were holding back their stocks due to a recent fall in prices during the harvesting season, he said.
Vietnam is the world's largest pepper producer and exporter and higher prices there can bring in more orders for Indian exporters.
The July contract would face resistance at 14,750 rupees and get support at 14,450 rupees, Ratandhara said.
Open interest for July contract rose to 10,158 tonnes from 9,939 tonnes the previous session.
Spot pepper rose 1.1 percent to 14,552 rupees per 100 kg in spices hub of Kochi in Kerala. Continued...
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