Commodity Trading Tips for Pepper by KediaCommodity

Pepper February delivery dropped Rs 179 and settled at Rs 22920/quintal succumbed to profit booking after a good start, though overall trend remains firm as rains in growing areas have reportedly affected the productivity adversely and this could support the prices from a medium term point of view, also traders are expecting good export demand in the coming day which may further give some support to the prices. Tight supply position against strong demand was witnessed in the global markets. Fresh arrivals from new crop were not much as harvesting delayed in Kerala due to untimely rains. Domestic demand from the north Indian buyers during the winter season is strong. Spot pepper gained 99.3 rupees to 22487.5 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23195/quintal while low of Rs 22870/quintal. Now support for the pepper is seen at 22795 and below could see a test of 22670. Resistance is now likely to be seen at 23120, a move above could see prices testing 23320.

Trading Ideas:

Pepper trading range is 22675-23325.

Pepper dropped succumbed to profit booking after a good start

Pepper looks to test support at 22795 and resistance is seen at 23120.

NCDEX accredited warehouses pepper stocks remained at 2091 tonnes.

Spot pepper gained 99.3 rupees to 22487.5 rupees per 100 kg in Kochi market.

(Source: http://www.topnews.in/commodity-trading-tips-pepper-kediacommodity-2307216)