Pepper February delivery dropped Rs 161 and settled at Rs 22830/quintal on arrivals from the fresh crop and subdued export demand due to higher prices for Indian pepper. Fresh arrivals have started in small quantities and are likely to peak up by month end. Buying is poor because traders are waiting for the new crop to come in the market. Spot pepper dropped -6.25 rupees to 22256.25 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22985/quintal while low of Rs 22750/quintal. Now support for the pepper is seen at 22725 and below could see a test of 22620. Resistance is now likely to be seen at 22960, a move above could see prices testing 23090.

Trading Ideas:

Pepper trading range is 22630-23100.

Pepper yesterday dropped on arrivals from the fresh crop

Pepper looks to test support at 22725 and resistance is seen at 22960.

NCDEX accredited warehouses pepper stocks fell 5 tonnes to 1734 tonnes.

SELL PEPPER FEB BELOW 22850 SL 23050 TGT 22760-22620-22500. NCDEX

Spot pepper dropped -6.25 rupees to 22256.25 rupees per 100 kg in Kochi market.