Pepper December delivery dropped Rs 93 and settled at Rs 22411/quintal as weak export demand offset a likely delay in fresh arrivals due to unseasonal rains and slack supplies. Weakness in export demand is weighing on sentiment. Local demand has also slowed down at these levels. India's pepper exports in October 2010 fell to 1,250 tonnes against 2,750 tonnes a year ago. Spot pepper dropped
-105.3 rupees to 22040 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22615/quintal while low of Rs 22375/quintal. Now support for the pepper is seen at 22319 and below could see a test of 22227. Resistance is now likely to be seen at 22559, a move above could see prices testing 22707.

Trading Ideas:

Pepper trading range is 22229-22709.

Pepper ended down on weak export demand

Pepper looks to test support at 22320 and resistance is seen at 22560.

India's pepper exports in October 2010 fell to 1,250 tonnes against 2,750 tonnes a year ago

Spot pepper dropped -105.3 rupees to 22040 rupees per 100 kg in Kochi market.