Pepper February delivery gained Rs 70 and settled at Rs 22378/quintal due to diminishing stocks and poor arrivals in the peak season. Sluggish export demand however, weighed on sentiment. Arrivals from the new crop have started in some of the interior markets of Kerala but in very small quantities. Spot pepper dropped -174.15 rupees to 22112.5 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22485/quintal while low of Rs 22077/quintal. Now support for the pepper is seen at 22142 and below could see a test of 21905. Resistance is now likely to be seen at 22550, a move above could see prices testing 22721.

Trading Ideas:

Pepper trading range is 21913-22729.

Pepper gained due to diminishing stocks and poor arrivals in the peak season.

Pepper looks to test support at 22142 and resistance is seen at 22550.

NCDEX accredited warehouses pepper stocks fell 46 tonnes to 2110 tonnes.

SELL PEPPER FEB @ 22750-800 SL 22980 TGT 22580-22400.NCDEX

Spot pepper dropped -174.15 rupees to 22112.5 rupees per 100 kg in Kochi market.