MUMBAI (Commodity Online): Higher demand amid projected global shortage enabled the Pepper futures to trade higher for the third consecutive session Thursday.

NCDEX pepper April contract on touched the high of Rs 14000, up Rs 247 from last close. The counter now quotes at Rs 13942 and the open interest added 4.85 percent to 7,280 tonnes, indicating fresh buying. Volume traded as of now stood at 2,974 tonnes. In the last three sessions, pepper April contract gained Rs 1,080 per quintal or 8.30 percent.

Pepper hit their upper circuit as farmers held on to their crop waiting for higher prices and on encouraging domestic demand. Spot Pepper jumped 192 rupees to end at 13,391 rupees per 100 kg in Kochi. April delivery gained Rs 529 and settled at Rs 13753/quintal.

Trading platform that even a 5 year old can trade. Join now

The contract touched the intraday high of Rs 13753/quintal while low of Rs 13240/quintal. Now support for the pepper is seen at 13411 and below could see a test of 13069. Resistance is now likely to be seen at 13924, a move above could see prices testing 14095.

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook