Pepper October delivery dropped Rs 77 and settled at Rs 20065/quintal in the absence of export demand. However, a squeeze in supplies in the domestic market and lower stocks with major producing countries limited the downside. Dwindling stocks with India and other producing countries are also supporting prices Spot pepper gained 11.15 rupees to 20011.75 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20200/quintal while low of Rs 19967/quintal. Now support for the pepper is seen at 19955 and below could see a test of 19844. Resistance is now likely to be seen at 20188, a move above could see prices testing 20310.

Trading Ideas:

Pepper trading range is 19844-20310.

Pepper ended weak in the absence of export demand

Support for the pepper is seen at 19955 and resistance is at 20190.

NCDEX accredited warehouses pepper stocks rose 20 tonnes to 4317 tonnes.

Spot pepper gained 11.15 rupees to 20011.75 rupees per 100 kg in Kochi market.