Pepper February delivery gained Rs 49 and settled at Rs 22449/quintal due to diminishing stocks and poor arrivals in the peak season. Arrivals from the new crop have started in some of the interior markets of Kerala but in very small quantities. Selling pressure has come down at these levels because of a squeeze in daily supplies. Spot pepper gained 34.55 rupees to 22147.05 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22515/quintal while low of Rs 22301/quintal. Now support for the pepper is seen at 22328 and below could see a test of 22208. Resistance is now likely to be seen at 22542, a move above could see prices testing 22636.

Trading Ideas:

Pepper trading range is 22201-22629.

Pepper gained due to diminishing stocks and poor arrivals in the peak season

Pepper looks to test support at 22328 and resistance is seen at 22542.

NCDEX accredited warehouses pepper stocks rose 27 tonnes to 2137 tonnes.

SELL PEPPER FEB @ 22750-800 SL 22980 TGT 22580-22400.NCDEX

Spot pepper gained 34.55 rupees to 22147.05 rupees per 100 kg in Kochi market.