Black Pepper May Go Up On Short Covering

There is a likelihood of black pepper rebounding in today's trade after the recent string of losses place the futures at an attractive level. Pepper futures ended sharply lower Saturday in thin trading after recording a moderate recovery in the previous session. The commodity ended at Rs 13491 per quintal for the NCDEX February 2008 futures, losing a heavy Rs 149 per quintal after touching an intraday low of Rs 13456 per quintal. The Open interest in the counter jumped a whopping 4.52% to 8887 lots in the shortened session on Saturday, as thin activities in the global markets and less export demand continued to dent the sentiments.

For today's session, a break above Rs 13550 should augur well for the counter and some short covering can be witnessed in the last session of the year.