Pepper November delivery gained Rs 711 and settled at Rs 20429/quintal on strong demand against the tight availability in the domestic and global markets. Tight supply position is prevailing in India, Vietnam and lower output is expected from Brazil and Indonesia. Stocks with major US and European, Asian consumers are very low and they will start buying ahead of the Christmas and New Year. Strong demand witnessed in the local markets from the north Indian buyers and local stockiest ahead of the winter season. Spot pepper gained 382.35 rupees to 19882.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20450/quintal while low of Rs 19740/quintal. Now support for the pepper is seen at 19963 and below could see a test of 19496. Resistance is now likely to be seen at 20673, a move above could see prices testing 20916.

Trading Ideas:

Pepper trading range is 19496-20916.

Pepper ended higher on strong demand against the tight availability

Pepper looks to test support at 20220 and resistance is seen at 20570.

NCDEX accredited warehouses pepper stocks fell 265 tonnes to 3295 tonnes.

Spot pepper gained 382.35 rupees to 19882.35 rupees per 100 kg in Kochi market.