MUMBAI (Commodity Online): Pepper futures recovered from its last session’s losses Friday due to the fresh buying by traders driven by better enquiries from overseas market. The fundamentals are seen in bullish.
NCDEX pepper futures December contract on NCDEX gained Rs 105 to the session high of Rs 15369 levels with the open interest added 0.67%, indicating fresh buying. The counter now quoted at Rs 15350 levels.
Near month November futures rose Rs 101 to the session high of Rs 15170 and the open interest added 1.48 percent, indicating fresh buying. The session low was Rs 15025 and the counter now quoted at Rs 15150 levels.
Now support for the pepper is seen at 14947 and below could see a test of 14825. Resistance is now likely to be seen at 15230, a move above could see prices testing 15391.
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Pepper yesterday had sharp fall November delivery dropped Rs -235 and settled at Rs 15069/quintal. The contract touched the intra day high of Rs 15269/quintal while low of Rs 14986/quintal.
The Brazilian crop, which is quoting lower and attracting international demand, also weighed on sentiment. Low stocks, however, capped losses during the session. Spot pepper fell by over 50 rupees and ended at 15,046.35 rupees per 100 kg in Kochi, a major trading hub in Kerala.
