Pepper November delivery gained Rs 600 and settled at Rs 20980/quintal lead by fresh buying amid supportive bullish global cues. Tight supply position is prevailing in India, Vietnam and lower output is expected from Brazil and Indonesia. Stocks with major US, European and Asian consumers are very low and they will start buying ahead of the Christmas and New Year. Strong demand is witnessed in the local markets from the north Indian buyers and local stockiest ahead of the winter season. Spot pepper gained 297.35 rupees to 20412.95 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20985/quintal while low of Rs 20381/quintal. Now support for the pepper is seen at 20579 and below could see a test of 20178. Resistance is now likely to be seen at 21183, a move above could see prices testing 21386.

Trading Ideas:

Pepper trading range is 20178-21386.

Pepper ended higher lead by fresh buying amid supportive bullish global cues

Pepper looks to test support at 20800 and resistance is seen at 21140.

NCDEX accredited warehouses pepper stocks fell 15 tonnes to 3148 tonnes.

Spot pepper gained 297.35 rupees to 20412.95 rupees per 100 kg in Kochi market.