Pepper December delivery dropped Rs 357 and settled at Rs 22474/quintal witnessing profit booking. Pepper prices during the passing week were up on buying support on bullish reports and activities. Exportable surplus of producing nations is projected to be around 324,292 tonne in 2011, as against 333,092 in 2010. Exports during the coming year is projected at around 229,710 tonne. Internal consumption of producing countries is projected at 125,202 tonne in 2011. Spot pepper dropped -83.5 rupees to 22160 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22888/quintal while low of Rs 22431/quintal. Now support for the pepper is seen at 22307 and below could see a test of 22141. Resistance is now likely to be seen at 22764, a move above could see prices testing 23055.

Trading Ideas:

Pepper trading range is 22150-23064.

Pepper ended lower yesterday witnessing profit booking

Pepper looks to test support at 22300 and resistance is seen at 22620.

NCDEX accredited warehouses pepper stocks fell 513 tonnes to 1231 tonnes.

Spot pepper dropped -83.5 rupees to 22160 rupees per 100 kg in Kochi market.