Pepper August delivery dropped Rs 115 and settled at Rs 19579/quintal as weak export demand due to higher Indian prices and slack local demand offset a decline in supplies. Indonesia is quoting cheaper in the international market. Indian prices are at premium than other origin, which is discouraging export demand. In Kochi, a major trading hub in Kerala, spot pepper fell 383 rupees to end at 19,906 rupees per 100 kg. The contract touched the intraday high of Rs 20080/quintal while low of Rs 19302/quintal. Now support for the pepper is seen at 19227 and below could see a test of 18876. Resistance is now likely to be seen at 20005, a move above could see prices testing 20432.

Trading Ideas:

Pepper trading range is 18876-20432.

Pepper ended lower due to weak export demand

Support for the pepper is seen at 19450 and resistance is at 19720.

Indonesia is quoting cheaper in the international market.

In spot pepper prices fell by 383 rupees to at 19906 rupees per 100 kg