Pepper January futures are expected to trade range bound to slightly positive.
Overall trend is likely to remain sluggish due to slow down in market activity at both domestic and export front as festival of Christmas is coming.
Indian prices in international market improved slightly with strengthening of rupee against dollar and quoted at $7100 & $7400 per MT for Europe and US FOB. Harvesting has been started in some part of Kerala and Karnataka.
However, full fledged arrivals might start after December end. According to derivative analysis, volumes have declined while prices and open interest have increased.
It is a good indication that Market is attracting late buyers & early shorts; market is vulnerable to a sharp correction but likely that that correction will be bought creating a buy point for uptrend.
Pepper NCDEX Jan-12 support: 35207 35367 resistance: 35709 35858 Buy at 35520 TP 35900 SL 35150
If you want to have a free trial on Indian commodities or equity markets visit tips.commodityonline.com
