Commodity Outlook for Pepper by KediaCommodity

PepperPepper August delivery gained Rs 827 and settled at Rs 21479/quintal on restricted supplies in the spot as farmers awaited further rise in prices, good domestic demand and firmness in international market. Supply is weak both in domestic and overseas markets.

In India, production has stagnated between 45,000-50,000 tonnes whereas domestic consumption is rising. Spot pepper climbed 552 rupees to end at 20,811 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 21479/quintal while low of Rs 20650/quintal. Now support for the pepper is seen at 20926 and below could see a test of
20374. Resistance is now likely to be seen at 21755, a move above could see prices testing 22032.

Trading Ideas:

Pepper trading range is 20374-22032.

Pepper ended on 4% upper circuit on restricted supplies in the spot

Support for the pepper is seen at 21340 and resistance is at 21620.

NCDEX accredited warehouses pepper stocks rose by 29 tonnes to 4252 tonnes.

PEPPER STILL GOING STRONG CAN TEST 21650 LEVEL WILL WAIT FOR ENTRY

In spot pepper prices rose by 552 rupees to at 20811 rupees per 100 kg