Pepper October delivery dropped Rs 171 and settled at Rs 20130/quintal tracking bearish cues from spot market where demand was poor and due to lacklustre overseas demand as the Indian produce was quoted at a premium. Export demand is negligible in pepper. Other producing origins are quoting lower than India. Spot pepper dropped -787.3 rupees to 19839.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20425/quintal while low of Rs 19693/quintal. Now support for the pepper is seen at 19740 and below could see a test of 19351. Resistance is now likely to be seen at 20472, a move above could see prices testing 20815.

Trading Ideas:

Pepper trading range is 19351-20815.

Pepper ended weak tracking bearish cues from spot market

Support for the pepper is seen at 19960 and resistance is at 20300.

NCDEX accredited warehouses pepper stocks rose 10 tonnes to 4298 tonnes.

Spot pepper dropped -787.3 rupees to 19839.35 rupees per 100 kg in Kochi market.