Pepper August delivery gained Rs 704 and settled at Rs 18515/quintal on supply shortage in the face of firm domestic and export demand. Pepper may remain on the higher side because there are some export enquires and also north Indian traders are buying. Spot prices in the key Kochi market rose by more than 260 rupees to be at 17,916.65 rupees per 100 kg. The contract touched the intraday high of Rs 18524/quintal while low of Rs 17820/quintal. Now support for the pepper is seen at 18049 and below could see a test of 17582. Resistance is now likely to be seen at 18753, a move above could see prices testing 18990.

Trading Ideas:

Pepper trading range is 17582-18990.

Pepper ended higher on supply shortage in the face of firm domestic demand

Support for the pepper is seen at 18380 and resistance is at 18640.

NCDEX accredited warehouses pepper stocks remained at 4037 tonnes.

PEPPER WILL WAIT TO TAKE POSITION. CORRECTION IS DUE

In spot pepper prices rose by 260 rupees to be at 17,916.65 rupees per 100 kg