Pepper reversed losses to end up on short-covering after prices fell over 3 percent so far this week. Fundamentals of the spice are weak because export demand has still not picked up and going forward this month arrivals will pick up. Spot pepper fell more than 188 rupees to end at 14,027.5 rupees per 100 kg in Kochi. January delivery gained Rs 107 and settled at Rs 13938/quintal. The contract touched the intraday high of Rs 14049/quintal while low of Rs 13731/quintal. Now support for the pepper is seen at 13763 and below could see a test of 13588. Resistance is now likely to be seen at 14081, a move above could see prices testing 14224.

Trading Ideas:

Pepper trading range is 13600-14250.

Pepper reversed losses to end up on short-covering

Fundamentals are weak because export demand has still not picked up

Spot pepper fell by 188 rupees to end at 14027.50 rupees per 100 kg

BUY PEPPER JAN @ 13750-800 SL 13680 TGT 13930-14010-14120.NCDEX