Pepper July delivery dropped Rs 57 and settled at Rs 16184/quintal on selling pressure triggered after prices rose for 2 days in a row and on sluggish spot demand. Demand has come down in spot. Buyers are waiting for good opportunity to re-enter in the market. Spot pepper fell 17.5 rupees to end at 15,956 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 16298/quintal while low of Rs 16125/quintal. Now support for the pepper is seen at 16107 and below could see a test of 16029. Resistance is now likely to be seen at 16280, a move above could see prices testing 16375.

Trading Ideas:

Pepper trading range is 16029-16375.
Pepper ended down as selling pressure triggered on sluggish spot demand
Buyers are waiting for good opportunity to re-enter in the market.
Support for the pepper is seen at 16100 and resistance is at 16280.
SELL PEPPER JULY @ 16250-16300 SL 16380 TGT 16170-16100-16020.NCDEX
Spot pepper fell by 18 rupees and ended at 15956 rupees per 100 kg