Pepper August delivery dropped Rs 227 and settled at Rs 18755/quintal on reviving export and domestic demand amid a supply shortage. India's pepper output in 2010 is expected at around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks. Spot prices in the key Kochi market rose by more than 202 rupees to be at 18366 rupees per 100 kg. The contract touched the intraday high of Rs 18880/quintal while low of Rs 18506/quintal. Now support for the pepper is seen at 18547 and below could see a test of 18340. Resistance is now likely to be seen at 18921, a move above could see prices testing 19088.

Trading Ideas:

Pepper trading range is 18340-19088.

Pepper ended positive on reviving export and domestic demand

Support for the pepper is seen at 18620 and resistance is at 18880.

NCDEX accredited warehouses pepper stocks rose by 47 tonnes to 4084 tonnes.

SELL PEPPER AUG BELOW 18680 SL 18810 TGT 18600-18520-18450.NCDEX

In spot pepper prices rose by 202 rupees to be at 18,366 rupees per 100 kg