Pepper August delivery gained Rs 699 and settled at Rs 21290/quintal tracking firmness in the spot market, where demand from local traders was good amid restricted supplies. Supplies are very limited whereas demand is good as traders expect further rise in the prices. Output in Vietnam is expected to be lower this year. Spot pepper gained 186 rupees to end at 20,800 rupees per 100 kg in Kochi, a major trading hub in Kerala. The contract touched the intraday high of Rs 21367/quintal while low of Rs 20525/quintal. Now support for the pepper is seen at 20754 and below could see a test of 20219. Resistance is now likely to be seen at 21596, a move above could see prices testing 21903.

Trading Ideas:

Pepper trading range is 20219-21903.

Pepper ended higher tracking firmness in the spot market

Support for the pepper is seen at 21120 and resistance is at 21460.

NCDEX accredited warehouses pepper stocks fell by 6 tonnes to 4160 tonnes.

In spot pepper prices rose by 186 rupees to at 20800 rupees per 100 kg