Pepper November delivery gained Rs 306 and settled at Rs 19730/quintal as speculative buying was supported by short covering.  Prolonged rains indicate a delayed crop here in India. 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. Spot pepper gained 84.9 rupees to 19314.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19733/quintal while low of Rs 19424/quintal. Now support for the pepper is seen at 19525 and below could see a test of 19320. Resistance is now likely to be seen at 19834, a move above could see prices testing 19938.

Trading Ideas:

Pepper trading range is 19320-19938.

Pepper ended higher as speculative buying was supported by short covering

Pepper looks to test support at 19525 and resistance is seen at 19835.

Tight supply position against strong demand is supporting the pepper prices

Spot pepper gained 84.9 rupees to 19314.3 rupees per 100 kg in Kochi market.