Pepper extend gains to third-straight session and provisionally settled at 50-day high of rupees 13930 per 100 kg on fresh buying and firm local prices.

The open interest also increased by 5%. Stockists are buying on hopes that export demand will pick up once new crop arrivals slacken. Spot pepper jumped 201 rupees to end at 13,592 rupees per 100 kg in Kochi.

April delivery gained Rs 177 and settled at Rs 13930/quintal. The contract touched the intraday high of Rs 14050/quintal while low of Rs 13762/quintal. Now support for the pepper is seen at 13778 and below could see a test of 13626.

Resistance is now likely to be seen at 14066, a move above could see prices testing 14202.

Trading Ideas:

Pepper trading range is 13626-14202.
Pepper extend gains and settled at 50-day high on fresh buying and firm local prices
Resistance for pepper is seen at 14066 and support is at 13780.
Yesterday we have seen that open interest rose by 344 and volume rose by 1263 lots.
Spot pepper prices jumped 201 rupees to end at 13,592 rupees per 100 kg
BUY PEPPER APR AT 13820-13850 SL 13760 TGT 13900-13960-14040. NCDEX

Courtesy: Kedia Commodities

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