Pepper Falls On Weak Exports.

Pepper June delivery dropped Rs 112 and settled at Rs 29170/quintal tracking bearish cues from spot and on weak export demand.

NCDEX has introduced a special addition of 10% on all long side positions of pepper. Higher India prices i.e. $6550 per ton against Lampong ASTA $6200-6400 per mt might limit the gains. However, prevailing tight supply of pepper at domestic as well as global front is likely to support the prices later in the day.

Spot pepper dropped -36.25 rupees to 28920 rupees per 100 kg in Kochi market. The contract touched the intra day high of Rs 29450/quintal while low of Rs 28825/quintal.

Now support for the pepper is seen at 28847 and below could see a test of 28523. Resistance is now likely to be seen at 29472, a move above could see prices testing 29773.

Trading Ideas:

Pepper trading range is 28523-29773.

Pepper dropped tracking bearish cues from spot and on weak export demand

Pepper looks to test support at 28847 and resistance is seen at 29472.

NCDEX accredited warehouses pepper stocks gained by 3 tonnes to 3561 tonnes.

Spot pepper dropped -36.25 rupees to 28920 rupees per 100 kg in Kochi market.

Source : commodityonline.com