Pepper August delivery dropped Rs 366 and settled at Rs 19765/quintal weighed by weak shipments, as Indian prices are at a premium in overseas markets, and lack of domestic buying. Indian pepper was quoting at $4,750 a tonne, lower than Vietnam pepper, which was priced at $4,500 a tonne. Spot pepper fell 317 rupees to end at 20,289 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 20245/quintal while low of Rs 19580/quintal. Now support for the pepper is seen at 19482 and below could see a test of 19198. Resistance is now likely to be seen at 20147, a move above could see prices testing 20528.

Trading Ideas:

Pepper trading range is 19198-20528.

Pepper continued weak trend due to lack of domestic buying

Support for the pepper is seen at 19600 and resistance is at 19900.

Indian pepper was quoting at $4,750 a tonne, lower than Vietnam pepper

In spot pepper prices fell by 317 rupees to at 20289 rupees per 100 kg