Pepper November delivery gained Rs 379 and settled at Rs 21075/quintal due to better domestic and export demand coupled with tight supply. Meanwhile, arrival of new black pepper crop might delay by 15-20 days due to an extended monsoon in major black pepper producing areas. Normally, new crop arrives in December but this year it is expected to arrive in January. Indian produce is still quoting higher in the international market. Pepper exports to touch 22,000-25,000 tonnes by the end of 2010-11 as key producing countries have sold most of their crop. Spot pepper gained 141.5 rupees to 20734.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 21198/quintal while low of Rs 20744/quintal. Now support for the pepper is seen at 20813 and below could see a test of 20552. Resistance is now likely to be seen at 21267, a move above could see prices testing 21460.

Trading Ideas:

Pepper trading range is 20552-21460.

Pepper ended higher due to better domestic and export demand coupled with tight supply

Pepper looks to test support at 20920 and resistance is seen at 21200.

Spread between Pepper NOV & DEC contracts traded in the range of 225 to 266.

Spot pepper gained 141.5 rupees to 20734.35 rupees per 100 kg in Kochi market.