Pepper July delivery gained Rs 308 and settled at Rs 16254/quintal on improved demand at home, overseas inquiries and weak supplies in the spot. Both domestic and overseas demand is good. India has now become competitive in the international market after it lowered its prices in the last few days. Spot pepper gained 84 rupees to end at 15,887 rupees per 100 kg in Kochi, a major trading hub in Kerala. The contract touched the intraday high of Rs 16329/quintal while low of Rs 15955/quintal. Now support for the pepper is seen at 16030 and below could see a test of 15805. Resistance is now likely to be seen at 16404, a move above could see prices testing 16553.

Trading Ideas:

Pepper trading range is 15805-16553.

Pepper ended higher on improved demand and weak supplies in spot.

Support for the pepper is seen at 16120 and resistance is at 16380.

NCDEX accredited warehouses pepper stocks rose 117 tonnes to 3994 tonnes.

BUY PEPPER JULY @ 16000-16080 SL 15880 TGT 16180-16260-16340.NCDEX

Spot pepper rose by 84 rupees and ended at 15887 rupees per 100 kg