SUPPORT SEEN AT R 42500
FOR NCDEX AUGUST PEPPER
DATE: 18/07/2012
Pepper futures dropped
nearly R 800 per quintal in Tuesday's trading
session on long liquidations. The NCDEX Pepper most active August contract
ended the last day down by R 775 or 1.77% at R 43020, after moving in the range of R 44125-42910 per quintal. Black Pepper for ready
delivery in Kochi, closed Tuesday's trading session on negative note with MG-1
at R 41,600, down by R
400 and Un-Garbled pepper at R 40,100, down by R 400 per 100 kg.
Weak overseas orders and long liquidation in near month July contract on NCDEX ahead of expiry add pressure in the pepper market. Indian Agri futures on NCDEX are likely to witness abnormal volatility in the next few sessions ahead of the expiry of the near month July contract as on 20th July 2012. For the near month July contract, nearly 272 tonnes of open interest is outstanding and traders are likely to liquidate the same in the next there sessions. Technically, the NCDEX August pepper is having next strong support at R 42500 and next resistance at R 43700 per quintal.
Weak overseas orders and long liquidation in near month July contract on NCDEX ahead of expiry add pressure in the pepper market. Indian Agri futures on NCDEX are likely to witness abnormal volatility in the next few sessions ahead of the expiry of the near month July contract as on 20th July 2012. For the near month July contract, nearly 272 tonnes of open interest is outstanding and traders are likely to liquidate the same in the next there sessions. Technically, the NCDEX August pepper is having next strong support at R 42500 and next resistance at R 43700 per quintal.
POWERED BY: COMMODITY INSIGHTS
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