Pepper prices are firming up on the reports of lesser availability and crop damages in Kerala and Karnataka. Traders and analysts are bullish on both the short- and long-term trends and expect the price to touch new heights in the coming days.
Vinayak NV of Karvycomtrade feels that the market will rally in the coming days with the international prices following the trend, as they are glued to the Indian exchanges for a cue. ?It is a technically firm market and the prices could increase by Rs 500-600 a quintal in just one week,? he said.
Speculators are in for a bull-run based on reports of a shorter crop and lesser physical availability, he said. The accredited warehouses have less than 5,000 tonne of pepper and this could be a major sentiment in the coming days, he added. Availability of pepper is almost minimal in the spot market and exporters were covering from the exchanges, Nandakumar P, a trade consultant told FE. ?There are also reports that Indian exporters are covering from Vietnam and Brazil given the price difference,? he said.