Pepper November delivery gained Rs 31 and settled at Rs 19720/quintal as traders resorted to bargain-hunting amid the ongoing festival season. The spice had shed more than 7 percent since the start of September. Indian pepper was quoted at a premium of $350 a tonne, which could adversely affect exports.  Spot pepper gained 185.7 rupees to 19500 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19925/quintal while low of Rs 19400/quintal. Now support for the pepper is seen at 19438 and below could see a test of 19157. Resistance is now likely to be seen at 19963, a move above could see prices testing 20207.

Trading Ideas:

Pepper trading range is 19157-20207.

Pepper ended higher on bargain-hunting amid the ongoing festival season

Pepper looks to test support at 19580 and resistance is seen at 19963.

NCDEX accredited warehouses pepper stocks fell 10 tonnes to 3560 tonnes.

Spot pepper gained 185.7 rupees to 19500 rupees per 100 kg in Kochi market.