Pepper July delivery dropped Rs 267 and settled at Rs 15901/quintal on weak spot and overseas demand. inquiries for Indian origin black pepper are weak because Indonesian parity is lower in the international market. Lower prices offered by Indonesia is hurting exports from India. Spot pepper fell 38 rupees to end at 15,918 rupees per 100 kg in Kochi. The contract touched the intra day high of Rs 16210/quintal while low of Rs 15838/quintal. Now support for the pepper is seen at 15756 and below could see a test of 15611. Resistance is now likely to be seen at 16128, a move above could see prices testing 16355.

Trading Ideas:

Pepper trading range is 15611-16355.

Pepper ended down on weak spot and overseas demand

Support for the pepper is seen at 15760 and resistance is at 16020.

NCDEX accredited warehouses pepper stocks rose 82 tonnes to 4160 tonnes.

SELL PEPPER JULY @ 16000 SL 16160 TGT 15922-15800-15745.NCDEX

Spot pepper fell by 38 rupees and ended at 15918 rupees per 100 kg