Pepper February delivery gained Rs 132 and settled at Rs 22560/quintal on buying support and bullish sentiments. However the arrivals remain steady and demand remains slow as traders were avoiding bulk buying that may put some pressure in the coming days. The southern part of Kerala where the harvest is coming to an end so far has not given even 100 mt to the terminal market which usually by this time gives at least 2000 mt . Carry-forward stocks in producing countries are projected to decline marginally to 94,582 tonne in 2011 from 95,442 tonne in 2010. Spot pepper gained 115.45 rupees to 22262.5 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22666/quintal while low of Rs 22454/quintal. Now support for the pepper is seen at 22454 and below could see a test of 22348. Resistance is now likely to be seen at 22666, a move above could see prices testing 22772.

Trading Ideas:

Pepper trading range is 22343-22767.

Pepper gained on buying support and bullish sentiments.

Pepper looks to test support at 22454 and resistance is seen at 22666.

NCDEX accredited warehouses pepper stocks rose 89 tonnes to 2226 tonnes.

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

Spot pepper gained 115.45 rupees to 22262.5 rupees per 100 kg in Kochi market.