Pepper October delivery gained Rs 65 and settled at Rs 18841/quintal on short-covering supported by a squeeze in supplies and dwindling stocks that offset poor export demand. The total exports of pepper from Vietnam during the first eight months of the year were 94,000 tonnes of pepper worth 314 million USD. The volume in exports dipped slightly 2.90 percent and value surged 35.60 percent over the same period last year respectively. Vietnam output was estimated lower by 20 percent at 90,000 tonnes this year. Spot pepper dropped -76.8 rupees to 19185.7 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 18925/quintal while low of Rs 18623/quintal. Now support for the pepper is seen at 18668 and below could see a test of 18494. Resistance is now likely to be seen at 18970, a move above could see prices testing 19098.

Trading Ideas:

Pepper trading range is 18494-19098.

Pepper ended positive on short-covering supported by a squeeze in supplies

Pepper looks to test support at 18668 and resistance is seen at 18970.

NCDEX accredited warehouses pepper stocks rose 5 tonnes to 4106 tonnes.

Spot pepper dropped -76.8 rupees to 19185.7 rupees per 100 kg in Kochi market.