Pepper June delivery dropped Rs 53 and settled at Rs 17100/quintal on selling pressure at higher levels driven by dull overseas demand. Overseas demand for the Indian origin pepper is weak because prices are at a premium compared with other competing countries in the international market. Spot pepper dropped 56 rupees to 16,677 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 17220/quintal while low of Rs 16861/quintal. Now support for the pepper is seen at 16901 and below could see a test of 16701. Resistance is now likely to be seen at 17260, a move above could see prices testing 17419.

Trading Ideas:

Pepper trading range is 16701-17419.

Pepper dropped on selling pressure at higher levels driven by dull overseas demand

Support for the pepper is seen at 17020 and resistance is at 17260.

NCDEX accredited warehouses pepper stocks fell 84 tonnes to 3546 tonnes.

Spot pepper fell by 56 rupees and ended at 16677 rupees per 100 kg

SELL PEPPER JUNE BELOW 17080 SL 17210 TGT 17000-16925-16840.NCDEX