Pepper February delivery dropped Rs 381 and settled at Rs 22555/quintal weighed by rising arrivals amid weak export demand. Arrivals have increased to 50-60 tonnes in India, and traders are also expecting the Vietnam crop to hit the market. Arrivals from the new crop have started in some of the interior markets of Kerala, but in very small quantities. Spot pepper dropped -290.65 rupees to 22196.85 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22954/quintal while low of Rs 22315/quintal. Now support for the pepper is seen at 22262 and below could see a test of 21969. Resistance is now likely to be seen at 22901, a move above could see prices testing 23247.

Trading Ideas:

Pepper trading range is 21955-23233.

Pepper dropped weighed by rising arrivals amid weak export demand.

Pepper looks to test support at 22260 and resistance is seen at 22720.

NCDEX accredited warehouses pepper stocks rose by 17 tonnes to 2108 tonnes.

SELL PEPPER FEB @ 22700-750 SL 22950 TGT 22580-22360-22200.NCDEX

Spot pepper dropped -290.65 rupees to 22196.85 rupees per 100 kg in Kochi market.