Pepper November delivery dropped Rs 18 and settled at Rs 18531/quintal on continued selling pressure ahead on the weekend amid weak export demand and sluggish spot market. Fresh arrivals from Brazil have commenced and are in full swing. Any sharp upside movement is expected only if overseas demand improves. Spot pepper dropped -252.7 rupees to 18627.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 18799/quintal while low of Rs 18524/quintal. Now support for the pepper is seen at 18437 and below could see a test of 18343. Resistance is now likely to be seen at 18712, a move above could see prices testing 18893.

Trading Ideas:

Pepper trading range is 18343-18893.

Pepper ended weak on continued selling pressure ahead on the weekend

Pepper looks to test support at 18437 and resistance is seen at 18712.

Any sharp upside movement is expected only if overseas demand improves.

Spot pepper dropped -252.7 rupees to 18627.3 rupees per 100 kg in Kochi market.