Pepper February delivery dropped Rs 497 and settled at Rs 23150/quintal suffering some profit booking after surging in the previous session on reported non-availability of sufficient material despite good demand and the prevailing unfavorable weather conditions. Plenty of fresh buying emerged in the commodity across all the maturities and firmness in the spot markets that took the prices higher but today traders are opting to book some profit at the higher levels. Spot pepper gained 70 rupees to 22633.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23719/quintal while low of Rs 23019/quintal. Now support for the pepper is seen at 22873 and below could see a test of 22596. Resistance is now likely to be seen at 23573, a move above could see prices testing 23996.

Trading Ideas:

Pepper trading range is 22599-23999.

Pepper ended lower suffering from profit booking

Pepper looks to test support at 23000 and resistance is seen at 23320.

NCDEX accredited warehouses pepper stocks rose 10 tonnes to 1648 tonnes.

SELL PEPPER JAN @ 22920-950 SL ABV 23120 TGT 22780-22620-22480.NCDEX (STBT)

Spot pepper gained 70 rupees to 22633.3 rupees per 100 kg in Kochi market.