Commodity Trading Tips for Pepper by KediaCommodity

Pepper April delivery gained Rs 383 and settled at Rs 23188/quintal on heavy short position covering after trading weak earlier in the day because of weak demand and arrival concern. India's pepper exports in April-January fell 7 percent on year to 15,700 tonnes. Pepperarrivals in Kochi Mandi slumped to 150 quintals as on 9th March 2011 from 230 quintals. Spot pepper dropped -126.05 rupees to 22276.45 rupees per 100 kg in Kochi market. The contracttouched the intraday high of Rs 23203/quintal while low of Rs 22575/quintal. Now support for the pepper is seen at 22774 and below could see a test of 22361. Resistance is now likely to be seen at 23402, a move above could see prices testing 23617.

Trading Ideas:

Pepper trading range is 22361-23617.

Pepper gained on heavy short position covering after trading weak earlier in the day

Pepper looks to test support at 22774 and resistance is seen at 23402.

Pepper arrivals in Kochi Mandi slumped to 150 quintals as on 9th March 2011 from 230 quintals.

Spot pepper dropped -126.05 rupees to 22276.45 rupees per 100 kg in Kochi market.

(Source: http://www.topnews.in/commodity-trading-tips-pepper-kediacommodity-2317494)