Pepper jumped as per expectation and manage to touch the 15430 level once again as speculation of low stocks and domestic demand.
As the week progress we can see some profit booking and selling pressure also in the coming sessions Brazilian crop can hit in the international market which is quoting lower and will be the main attraction to the international market.
Spot pepper rose by over 290 rupees and ended at 15,117.15 rupees per 100 kg in Kochi, a major trading hub in Kerala. The contract touched the intraday high of Rs 15430/quintal while low of Rs 15025/quintal.
Now support for the pepper is seen at 15100 and below could see a test of 14860. Resistance is now likely to be seen at 15505, a move above could see prices testing 15670.
Trading Ideas:
PEPPER TRADING RANGE IS 14900-15700.
PEPPER ENDED UP ON LOW STOCKS AND DOMESTIC DEMAND
BUY PEPPER AT 15200-250 SL 15090 TGT 15322-15450-15570.
ADD PEPPER ABOVE 15400 FOR TGT 15570-15650 LVL
SPOT PEPPER ROSE BY OVER 290 RUPEES AND ENDED AT 15,117.15 RUPEES PER 100 KG
Courtesy: Kedia Commodities Discuss and share what you feel on this story
