Pepper August delivery gained Rs 516 and settled at Rs 19893/quintal on robust local demand, limited stocks and on some inquiries from overseas buyers. NCDEX has imposed a special margin of 4% on all along positions of July and October pepper contracts, as prices have risen over 20% compared with the 90-day prior settlement price. The change in margin will be applicable with immediate effect and stay in force as long as the prices stay above the 20% limit aid. The contract touched the intraday high of Rs 19949/quintal while low of Rs 19170/quintal. Now support for the pepper is seen at 19392 and below could see a test of 18892. Resistance is now likely to be seen at 20171, a move above could see prices testing 20450.

Trading Ideas:

Pepper trading range is 18892-20450.

Pepper ended higher on robust local demand and limited stocks

Support for the pepper is seen at 19740 and resistance is at 20000.

NCDEX accredited warehouses pepper stocks rose by 10 tonnes to 4153 tonnes.

In spot pepper prices rose by 217 rupees to be at 19378 rupees per 100 kg