Pepper ended higher on short-covering on continued buying. The trend for the spice, however, remained bearish due to rising arrivals and weak demand and prices are expected to come down in the near-term. March delivery gained Rs 284 and settled at Rs 12984/quintal. The contract touched the intraday high of Rs 13049/quintal while low of Rs 12657/quintal. Now support for the pepper is seen at 12744 and below could see a test of 12505.

Resistance is now likely to be seen at 13136, a move above could see prices testing 13289.

Trading Ideas:

Pepper trading range is 12505-13289.

Pepper ended higher on short-covering on continued buying

Resistance for pepper is seen at 13060 and support is at 12870.

NCDEX accredited warehouses pepper stocks fell by 87 tonnes at 3299 tonnes.

BUY PEPPER MAR ABV 13000 SL 12936 TGT 13056-13090-13140. NCDEX

In spot pepper prices ended at rupees 13091.10 rupees per 100 kg.