Pepper December delivery gained Rs 852 and settled at Rs 22690/quintal on expectations of exports rising at the prevailing levels for the commodity, also the lower level buying support has added to the price rise amid tight supply as there are reports that traders are holding onto stocks in anticipation of a rise in price in coming months. Spot pepper gained 240.15 rupees to 21696.4 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22707/quintal while low of Rs 21925/quintal. Now support for the pepper is seen at 22174 and below could see a test of 21659. Resistance is now likely to be seen at 22956, a move above could see prices testing 23223.
Trading Ideas:
Pepper trading range is 21648-23212.
Pepper ended higher on expectations of exports rising at the prevailing levels
Pepper looks to test support at 22500 and resistance is seen at 22850.
NCDEX accredited warehouses pepper stocks rose 19 tonnes to 2545 tonnes.
Spot pepper gained 240.15 rupees to 21696.4 rupees per 100 kg in Kochi market.
(Source: http://www.topnews.in/commodity-outlook-pepper-kediacommodity-2291354)
Posts
0 comments