Pepper ended higher Saturday on short covering and also some marginal buying at low levels supported the prices, but rising arrivals in the physical market and dull exports weighed on sentiment. Arrivals are gaining pace in Coorg market in Karnataka. Spot pepper settled at 13071.90 rupees per 100 kg in Kochi, a major trading hub in Kerala.

April delivery dropped Rs 36 and settled at Rs 13005/quintal. The contract touched the intra day high of Rs 13050/quintal while low of Rs 12950/quintal. Now support for the pepper is seen at 12953 and below could see a test of 12902. Resistance is now likely to be seen at 13053, a move above could see prices testing 13102.

Trading Ideas:

Pepper trading range is 12639-12879.
Pepper ended higher Saturday on short covering
Resistance for pepper is seen at 12920 and support is at 13080.
NCDEX accredited warehouses pepper stocks rose by 26 tonnes to 2738 tonnes.
In spot pepper prices settled at 13071.90 rupees per 100 kg in Kochi.

SELL PEPPER APR BELOW 12960 SL 13056 TGT 12902-12848-12780.NCDEX

Courtesy: Kedia Commodities

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