Monday, March 21, 2011

Pepper rises on limited stocks

Pepper April delivery gained Rs 137 and settled at Rs 23478/quintal due to a squeeze in supplies, depleting stocks and lower availability with other pepper producing countries.
According to the latest updates from India Pepper and Spice Trade Association (IPSTA), Kochi, Pepper arrivals in Kochi Mandi steady at 250 quintals on Thursday as on 17th March 2011, meanwhile off takes decreased to 100 quintals from 350 quintals.
Arrivals started from the biggest producer Vietnam and all the eyes are watching the Vietnam situations. Spot pepper dropped -9.4 rupees to 22684.35 rupees per 100 kg in Kochi market.
The contract touched the intraday high of Rs 23525/quintal while low of Rs 23200/quintal. Now support for the pepper is seen at 23277 and below could see a test of 23076. Resistance is now likely to be seen at 23602, a move above could see prices testing 23726.
Trading Ideas:
Pepper trading range is 23076-23726.
Pepper gained due to squeeze in supplies, depleting stocks and lower availability
Pepper looks to test support at 23280 and resistance is seen at 23720.
NCDEX accredited warehouses pepper stocks rose by 10 tonnes to 2838 tonnes.
Spot pepper dropped -9.4 rupees to 22684.35 rupees per 100 kg in Kochi market.