Pepper prices may trade with positive bias: Kotak Commodity

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Kotak Commodity has come out with its report on spices. As per the research firm Pepper prices are expected to test the resistance of Rs 35700-35900 and support being Rs 34400-34200 for the December contract.

Pepper – Pepper prices are expected to trade with a positive bias during the session. Few sellers in the spot market can support the prices. Long term fundamentals continue to be firm for the commodity. Outlook for the day is positive. We expect prices to test the resistance of Rs 35700-35900 and support being Rs 34400-34200 for the December contract.

Jeera – Jeera prices are expected to trade weak during the session. Basis is expected to narrow in the coming session. Upside seems to be limited due to higher stock, high arrivals and expiry of 3072MT in the December contract. Demand also seems to be dull adding to the bearish sentiments. NCDEX December contract can test the support of Rs 13300-13250 with resistance being Rs 14200-14250.

Turmeric – Turmeric prices are expected to trade weak for the day. Prices continue to be lower than the spot price. Lower arrivals and domestic buying can support the prices. Outlook for the day is negative. NCDEX December contract can test the support of Rs. 4500-4520 with resistance being Rs 4800-4850.

Dhaniya – The trend for Dhaniya is expected to remain weak however for intraday prices could see some gains on short covering. Lower arrivals can support the prices but upside seems to be limited on higher inventory and dull demand. Outlook for the day is range bound to positive bias. NCDEX December contract can test the support of Rs 3950-3965 with resistance being Rs 4200-4250.

Chilli– Chilli prices are expected to trade weak on the pressure of new crop arrivals. Demand continues to be subdued in the spot market. With exporters being out of the market, we expect prices to trade weak in the coming sessions. Price outlook for the day is negative. We expect NCDEX December contract to test the support of Rs 6700-6750 with resistance being 7125-7150.

Source: http://www.moneycontrol.com/news/brokerage-recos-commodities/pepper-prices-may-tradepositive-bias-kotak-commodity_626950.html

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