Pepper reversed all its intraday gains as per expectation due to some profit booking after surging in previous session on report of firmer markets in other origins and buying at the lower levels on short covering and expectations of pick up in export demand. Though latest reports from Spice Board of India indicates the Pepper exports for the period April-Nov to have fallen by 17% compared to same period last year. Spot pepper gained 240.55 rupees to 22270.55 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23220/quintal while low of Rs 22810/quintal. Now support for the pepper is seen at 22795 and below could see a test of 22597. Resistance is now likely to be seen at 23205, a move above could see prices testing 23417.

Trading Ideas:

Pepper trading range is 22596-23416.

Pepper reversed all its intraday gains as per expectation due to some profit booking

Pepper looks to test support at 22795 and resistance is seen at 23205.

NCDEX accredited warehouses pepper stocks rose 20 tonnes to 1602 tonnes.

SELL PEPPER FEB BELOW 22850 SL 23050 TGT 22700-22580-22420.NCDEX

Spot pepper gained 240.55 rupees to 22270.55 rupees per 100 kg in Kochi market.