Commodity Trading Tips for Pepper by KediaCommodity

PepperPepper April delivery gained Rs 428 and settled at Rs 24537/quintal tracking firm overseas markets, thin supplies and depleting stocks. International market is continuously moving up on good demand. Domestic supplies are also insufficient to fulfil the demand.  Production of pepper in India in 2010-11 is projected to be 48 thousand tonnes as compared to 50 thousand tonnes last year. However, there are expectations that this estimate would be lowered further on account of the disease attacks and erratic rainfall in the major growing areas particularly Kerala and Karnataka. Spot pepper gained 176.8 rupees to 23862.5 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 24699/quintal while low of Rs 24081/quintal. Now support for the pepper is seen at 24179 and below could see a test of 23821. Resistance is now likely to be seen at 24797, a move above could see prices testing 25057.

Trading Ideas:

Pepper trading range is 23833-25069.

Pepper gained tracking firm overseas markets, thin supplies and depleting stocks

Pepper looks to test support at 25300 and resistance is seen at 20700

NCDEX accredited warehouses pepper stocks rose by 10 tonnes to 2796 tonnes.

Spot pepper gained 176.8 rupees to 23862.5 rupees per 100 kg in Kochi market.