Pepper ended higher on Saturday limited supply in the market and on local demand. Looking at the supply position, chances for market to go down are very low. Overseas demand may improve after June, as by that time selling pressure from Vietnam will slow down. Spot pepper was up 200 rupees at 15,416 rupees per 100 kg in Kochi. May delivery gained Rs 210 and settled at Rs 15866/quintal. The contract touched the intraday high of Rs 15919/quintal while low of Rs 15725/quintal. Now support for the pepper is seen at 15754 and below could see a test of 15643. Resistance is now likely to be seen at 15948, a move above could see prices testing 16031.

Trading Ideas:

Pepper trading range is 15643-16031.

Pepper ended higher on limited supply in the market and on local demand.

Support for the pepper is at 15755 and resistance is at 15950.

NCDEX accredited warehouses pepper stocks fell by 1922 tonnes to 682 tonnes.

Spot pepper prices gained 200 rupees to end at 15416 rupees per 100 kg

BUY PEPPER MAY ON DIP @ 15700-720 SL 15620 TGT 15780-15840-15900.NCDEX