Pepper May jumped almost Rs 255 and settled at Rs 15494/quintal on limited supply in the market as farmers await better prices amid low stocks. The contract touched the intra day high of Rs 15500/quintal while low of Rs 15201/quintal, Prices are moving up due to demand is slowly picking up spot pepper also gained 48 rupees to end at 14,986 rupees per 100 kg in Kochi. Pepper output in 2010 is expected around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks. Now support for the pepper is seen at 15297 and below could see a test of 15099. Resistance is now likely to be seen at 15596, a move above could see prices testing 15697.

Trading Ideas:

Pepper trading range is 15090-15688.

Pepper still continuous to trade under pressure on sluggish overseas enquiries

Support for the pepper is at 15120 and resistance is at 15360.

NCDEX accredited warehouses pepper stocks rose by 20 tonnes to 2543 tonnes.

BUY PEPPER MAY @ 15380-450 SL 15300 TGT1 5512-15590-15670.NCDEX

Spot pepper prices dropped 109 rupees to end at 14938 rupees per 100 kg