Pepper May delivery gained Rs 86 and settled at Rs 26842/quintal on lower supplies and depleting stocks.

During April-February 2010-11, a total quantity of 16,600 tonnes of pepper valued Rs.334.62 crores was exported as against 18,425 tonnes valued Rs.293.00 crores of last year.

The unit value of pepper has increased from Rs.159.02 per kg in 2009-10 to Rs.201.58 per kg during 2010-11.

Pepper arrivals in Kochi Mandi decreased to 140 quintals from 150 quintals, meanwhile offtakes also slumped to 180 quintals from 200 quintals. Spot pepper gained 125.4 rupees to 25406.65 rupees per 100 kg in Kochi market.

The contract touched the intraday high of Rs 27025/quintal while low of Rs 26725/quintal.

Now support for the pepper is seen at 26703 and below could see a test of 26564. Resistance is now likely to be seen at 27003, a move above could see prices testing 27164.

Trading Ideas:

Pepper trading range is 26564-27164.
Pepper gained on lower supplies and depleting stocks
Pepper looks to test support at 26703 and resistance is seen at 27003.
NCDEX accredited warehouses pepper stocks rose by 77 tonnes to 2989 tonnes.
Spot pepper gained 125.4 rupees to 25406.65 rupees per 100 kg in Kochi market.

Courtesy: Kedia Commodities

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