Commodity Trading Tips for Pepper by KediaCommodity

Pepper April delivery dropped Rs 60 and settled at Rs 25670/quintal on profit bookingafter prices gained on thin suppliesand depleting stocks. Supplies have been poor in spot because of almost stagnant production in the last two-three years. According to IPCs 2011 projection, India is expected to produce 48,000 tonnes, down 2,000 tonnes from the last year. Pepper production in Indonesia and Brazil are projected lower while in Vietnam, the output projected steady this year. Spot pepper gained 217.9 rupees to 24786.65 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 25880/quintal while low of Rs 25414/quintal. Now support for the pepper is seen at 25429 and below could see a test of 25189. Resistance is now likely to be seen at 25895, a move above could see prices testing 26121.

Trading Ideas:

Pepper trading range is 25177-26109.

Pepper dropped on profit booking after prices gained on thin supplies and depleting stocks

Pepper looks to test support at 25429 and resistance is seen at 25895.

NCDEX accredited warehouses pepper stocks rose by 6 tonnes to 2886 tonnes.

Spot pepper gained 217.9 rupees to 24786.65 rupees per 100 kg in Kochi market.

(Source: http://www.topnews.in/commodity-trading-tips-pepper-kediacommodity-2321510)