Pepper March delivery future dropped as per expectation by Rs. 151 and settled at Rs 12940/quintal fallen more than a percent due to rising arrivals in physical market and poor local demand. Spot pepper slipped 28 rupees to end at 13,205 rupees per 100 kg in Kochi, pepper output in this year is expected around last year's levels, but prices are likely to take support soon near to 12400 levels as low carry-over stocks. New pepper of Vietnam is expected to arrive in Indian market by the end of this month. In the international market Indian origin black pepper traded at USD 2,900-2,925 per ton (c&f)., now support for the pepper is seen at 12831 and below could see a test of 12723. Resistance is now likely to be seen at 13118, a move above could see prices testing 13297.

Trading Ideas:

Pepper trading range is 12893-13091.

Pepper ended lower due to rising arrivals in physical market and poor local demand.

In the international market new pepper is expected soon with the price range of USD 2,900-2,925 per ton

Spot pepper slipped 28 rupees to end at 13,205 rupees per 100 kg in Kochi

BUY PEPPER MAR ABV 12960 SL 12880 TGT 13020-13090-13160. NCDEX

Support for the pepper is seen at 12720 and resistance is at 13118.