Pepper November delivery gained Rs 351 and settled at Rs 19229/quintal supported by firm domestic and export demand. There is local and export demand for pepper, as Brazil has raised prices of its produce by $100 (a tonne). Exports of the spice may touch 22,000-25,000 tonnes by the end of 2010-11 as key producing countries have sold most of their crop. Spot pepper gained 310.6 rupees to 19040.6 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19299/quintal while low of Rs 18865/quintal. Now support for the pepper is seen at 18963 and below could see a test of 18697. Resistance is now likely to be seen at 19397, a move above could see prices testing 19565.

Trading Ideas:

Pepper trading range is 18697-19565.

Pepper ended higher supported by firm domestic and export demand

Pepper looks to test support at 18963 and resistance is seen at 19397.

Brazil has raised prices of its produce by $100 a tonne also supported the prices

Spot pepper gained 310.6 rupees to 19040.6 rupees per 100 kg in Kochi market.