Pepper November delivery gained Rs 235 and settled at Rs 18622/quintal on heavy short covering on technical cues. Prices tumbled sharply on heavy selling amid weak overseas demand and sluggish spot demand. Tight supply position against strong demand is supporting the pepper prices to move further in the domestic market. The availability in India and Vietnam is limited while harvesting is under progress in Brazil and Indonesia. The domestic demand is very high in India and current demand is very high ahead of the festive season. Spot pepper dropped -21.55 rupees to 18536.65 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 18666/quintal while low of Rs 18270/quintal. Now support for the pepper is seen at 18373 and below could see a test of 18123. Resistance is now likely to be seen at 18769, a move above could see prices testing 18915. Trading Ideas:

Pepper trading range is 18123-18915.

Pepper ended higher on heavy short covering on technical cues

Pepper looks to test support at 18373 and resistance is seen at 18769.

NCDEX accredited warehouses pepper stocks fell 10 tonnes to 3817 tonnes.

Spot pepper dropped -21.55 rupees to 18536.65 rupees per 100 kg in Kochi market.