MUMBAI (Commodity Online): Pepper futures extended its previous week’s gains Monday on the back of persistent buying driven by firm technical support.

NCDEX pepper April contract on moved in between Rs 13072- Rs 12979 per 100 kg and the counter quotes now at Rs 13035, up Rs 30 or 0.23 percent over last close. The open interest added 1.46 percent to 4,931 tonnes.

Technically, if Pepper April futures able to sustain above Rs 13100, the next resistance is at Rs 13130 and then at Rs 13200 level. The counter have support at Rs 12900 and then at Rs 12860 per 100 kg.

Pepper futures traded on a positive note during Saturday’s trading session due to bargain buying on the exchange. Harvesting is almost over for this spice and easing arrival pressure is also rendering upside support to prices.

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However, reports of arrival pressure from Vietnam is limiting the upside movement in prices. The active NCDEX April Pepper futures opened higher at 12998 levels and made an intraday high at 13050 levels, higher than the previous day’s high of 13025 levels.

It made an intraday low at 12950 levels and settled the day at 13005 levels, with a positive change of 0.28%. Pepper futures are expected to trade sideways to higher for the day due to continued buying on the exchange.

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