Pepper December delivery dropped Rs 607 and settled at Rs 21809/quintal as profit taking continued amid weak activities in the spot and global markets. Activities in the global markets is expected to be limited in the coming days since most of the exporters and growers take a break during Christmas and New Year period. Arrival from plains in the domestic market is expected to be delayed due to incessant rains in the growing areas. Moisture content in black pepper has been increased due to wet weather condition and hampered the selling activity. Spot pepper gained 53.75 rupees to 22093.75 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22530/quintal while low of Rs 21750/quintal. Now support for the pepper is seen at 21529 and below could see a test of 21250. Resistance is now likely to be seen at 22309, a move above could see prices testing 22810.

Trading Ideas:

Pepper trading range is 21310-22870.

Pepper ended lower as profit taking continued amid weak activities in global markets

Pepper looks to test support at 21620 and resistance is seen at 21980.

Arrival from plains in the domestic market is expected to be delayed due to incessant rains

Spot pepper gained 53.75 rupees to 22093.75 rupees per 100 kg in Kochi market.