Pepper July delivery gained Rs 367 and settled at Rs 16243/quintal on bargain buying supported by poor supplies and some inquiries from spot market. Demand is good and is expected to improve further. Global availability is very limited. Spot pepper gained 6 rupees to end at 15,924 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 16269/quintal while low of Rs 15850/quintal. Now support for the pepper is seen at 15972 and below could see a test of 15702. Resistance is now likely to be seen at 16391, a move above could see prices testing 16540.

Trading Ideas:

Pepper trading range is 16212-16378.

Pepper ended positive on bargain buying supported by poor supplies

Support for the pepper is seen at 16120 and resistance is at 16390.

Yesterday we have seen that open interest rose by 291 and volume by 262

MARKET MOVING BETWEEN 16000 TO 16400. WILL WAIT TO TAKE POSITION.

Spot pepper gained by 6 rupees and ended at 15924 rupees per 100 kg