Pepper September delivery gained Rs 327 and settled at Rs 20770/quintal on poor supplies and on lower stocks with major producing countries, offsetting weak exports. Overseas demand is still poor, but we expect overseas demand to improve in coming days due to a global shortage. New crop arrival has started in Brazil but the crop is of high moisture, which has led to hopes of global demand moving to India for immediate need. Spot pepper gained 95.8 rupees to 20333.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20884/quintal while low of Rs 20230/quintal. Now support for the pepper is seen at 20372 and below could see a test of 19974. Resistance is now likely to be seen at 21026, a move above could see prices testing 21282.

Trading Ideas:

Pepper trading range is 19974-21282.

Pepper ended higher on poor supplies and on lower stocks

Support for the pepper is seen at 20600 and resistance is at 20920.

NCDEX accredited warehouses pepper stocks fell 5 tonnes to 4268 tonnes.

Spot pepper gained 95.8 rupees to 20333.3 rupees per 100 kg in Kochi market.