Indian Black Pepper futures are expected to move with range bound trend in today’s trading session on strong buying support. Tight availability against the strong domestic demand and demand from the major consuming nations are likely to support the pepper in medium term. According to the latest updates from India Pepper and Spice Trade Association (IPSTA), Kochi, Pepper arrivals slipped to 100 quintals Tuesday from 200 quintals on Monday while offtakes dropped to 100 quintals from 230 quintals on last day. Black Pepper for ready delivery in Kochi spot market closed the Tuesday’s trading session (as on 1st November 2011) with steady note at Rs. 34600 for the MG-1 per quintal and Un-Garbled pepper ended at Rs. 33100 per quintal.
The NCDEX October pepper ended Tuesday’s session down by 0.15 % at Rs. 34235 after moving in the range of Rs. 34580-34125 per quintal. The commodity ended below the short term and long term EMA’s and the 14-day RSI hovers at 37.82 level. The NCDEX October Pepper November contract is likely to find resistance at Rs. 34600, Rs. 34700 while support is at Rs. 34125, Rs. 33860 per quintal.