Pepper January delivery dropped Rs 460 and settled at Rs 21610/quintal due to weak overseas and local demand as traders expect prices to come down once fresh arrivals start. Traders are waiting for the new crop. Prices may come down once the fresh arrival will start. However, estimates of lower global production and diminishing stocks, limited the downside. Spot pepper gained 266.25 rupees to 21706.25 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22192/quintal while low of Rs 21600/quintal. Now support for the pepper is seen at 21409 and below could see a test of 21209. Resistance is now likely to be seen at 22001, a move above could see prices testing 22393.

Trading Ideas:

Pepper trading range is 21256-22440.

Pepper ended lower due to weak overseas and local demand

Pepper looks to test support at 21410 and resistance is seen at 21780.

Prices will fall further down once the fresh arrival will start.

Spot pepper gained 266.25 rupees to 21706.25 rupees per 100 kg in Kochi market.