Pepper ended steady with an upside bias as thin stocks supported sentiment but weak overseas demand capped gains.
Prices will rise as the harvesting from Brazil will come to an end this month and that would push Brazilian pepper prices up and demand will also increase from the U.S. and European nations, given the Christmas season. Spot pepper rose by over 47 rupees to end at 14,829.9 rupees per 100 kg in Kochi. December delivery gained Rs 24 and settled at Rs 15170/quintal.
The contract touched the intraday high of Rs 15279/quintal while low of Rs 15062/quintal. Now support for the pepper is seen at 15062 and below could see a test of 14953. Resistance is now likely to be seen at 15279, a move above could see prices testing 15387.
Trading Ideas:
PEPPER TRADING RANGE IS 14850-15450
PEPPER ENDED STEADY ON THIN STOCKS BUT WEAK EXPORT DEMAND WEIGHED
WILL WAIT TO MAKE POSITION DUE TO EXPIRY MKT WILL BE VOLATILE OVERALL LOOK BULLISH
PEPPER IS GETTING SUPPORT AT 15040 BELOW THIS LOOKS TILL 14950-14800.
SPOT PEPPER GAINED BY OVER 47 RUPEES TO END AT 14829.90 RUPEES PER 100 KG
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