Pepper January delivery dropped Rs 99 and settled at Rs 22115/quintal on profit booking at the weekend amid tepid exports kept the pressure on the prices. Though the downside was limited due to delay in arrivals. Most of Brazilian exporters will close for holiday season from next week to the first week of January. Market is not expected to ease for January as there are some exporters that are short and delaying shipments hopping for a better price from the producers, latest updates from the Brazilian Pepper Trade Board. Spot pepper dropped -143 rupees to 21616.85 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22291/quintal while low of Rs 22057/quintal. Now support for the pepper is seen at 22018 and below could see a test of 21920. Resistance is now likely to be seen at 22252, a move above could see prices testing 22388.

Trading Ideas:

Pepper trading range is 21920-22388.

Pepper ended lower on profit booking at the weekend amid tepid exports

Pepper looks to test support at 22000 and resistance is seen at 22250.

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

Spot pepper dropped -143 rupees to 21616.85 rupees per 100 kg in Kochi market.