Dear Sirs,
Pepper zooms up on speculation and reports of spot pepper buying by exporters. Prices on future deliveries close at its 4 % limits up. Spot pepper finds buyers at higher levels than yday and sensing this, the shorts on futures came forward to cover which imparted the momentum for prices to move upwards. Traders continue to remain in a 'disbelief' kind of a state with this kind of a move. Last 10 days saw markets moving up by about 15 to 17 % on spot and futures.
Higher advises from Vietnam were like fuel to the fire. Market tone at the end of the day is very very firm.
Indian MG I ASTA grade parity at $ 3300 / 3350 PMT FOB Cochin
From www.peppertrade.com.br
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