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.
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.
Trading Ideas:
PEPPER TRADING RANGE IS 14900-15700.
PEPPER ENDED LOWER DUE TO PROFIT BOOKING.
SELL PEPPER NOV BELOW 15000 SL 15122 TGT 14940-14880-14790.
BRAZILIAN CROP QUOTING LOWER AND ATTRACTING INTERNATIONAL DEMAND, ALSO WEIGHED ON SENTIMENT
SPOT PEPPER FELL BY OVER 50 RUPEES AND ENDED AT 15,046 RUPEES PER 100 KG
OVERALL BUYING LEVEL IS AT 14700-750 LEVEL FOR TGT 15200 FOR NEXT WEEK.
Courtesy: Kedia Commodities Trade sitting at the comfort of home. Start with a mere 50$
