Pepper Drops On Profit Booking.

Pepper April delivery dropped Rs 16 and settled at Rs 23261/quintal on intraday profit booking after prices rose earlier in the day due to a squeeze in supplies, depleting stocks and low availability with other pepper producing countries.

Supplies are very week globally. Presently, India and Vietnam are the major suppliers in the world market. India's pepper exports in April-January fell 7 percent on year to 15,700 tonnes.

Spot pepper gained 398.55 rupees to 22671.85 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23738/quintal while low of Rs 23060/quintal.

Now support for the pepper is seen at 22968 and below could see a test of 22675. Resistance is now likely to be seen at 23646, a move above could see prices testing 24031.

Trading Ideas:

Pepper trading range is 22707-24063.

Pepper dropped on intraday profit booking after prices rose due to a squeeze in supplies
Pepper looks to test support at 22968 and resistance is seen at 23646.

India's pepper exports in April-January fell 7 percent on year to 15,700 tonnes

Spot pepper gained 398.55 rupees to 22671.85 rupees per

Source : commodityonline.com