Pepper December delivery dropped Rs 11 and settled at Rs 22491/quintal on bearish activities and consequent liquidation and selling pressure. Profit booking is still being witnessed in the markets though the fundamentals are very strong and may push the commodity further upside in long term. Unseasonal rains would delay pepper arrivals in India's premier producing state, tightening supplies and keeping prices firm in the medium term, but it would not significantly affect production, Spot pepper dropped -14.7 rupees to 22145.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22666/quintal while low of Rs 22361/quintal. Now support for the pepper is seen at 22346 and below could see a test of 22201. Resistance is now likely to be seen at 22651, a move above could see prices testing 22811.

Trading Ideas:

Pepper trading range is 22205-22815.

Pepper ended down due to selling pressure

Pepper looks to test support at 22345 and resistance is seen at 22650.

NCDEX accredited warehouses pepper stocks rose 54 tonnes to 1285 tonnes.

Spot pepper dropped -14.7 rupees to 22145.3 rupees per 100 kg in Kochi market.