Pepper March delivery gained Rs 138 and settled at Rs 23540/quintal on export enquires amid lower supplies from the fresh crop and depleting stocks, prompted buying. Despite, fresh arrivals in the domestic market, reports of lower domestic production and delayed harvesting in Vietnam is providing support to the prices. India's pepper exports in April-December 2010 fell 9 percent to 14,000 tonnes. Spot pepper dropped -92.15 rupees to 22854.7 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23620/quintal while low of Rs 23266/quintal. Now support for the pepper is seen at 23331 and below could see a test of 23121. Resistance is now likely to be seen at 23685, a move above could see prices testing 23829.

Trading Ideas:

Pepper trading range is 23118-23826.

Pepper gained on export enquires amid lower supplies from the fresh crop and depleting stocks

Pepper looks to test support at 23330 and resistance is seen at 23685.

NCDEX accredited warehouses pepper stocks remained at 2198 tonnes.

Spot pepper dropped -92.15 rupees to 22854.7 rupees per 100 kg in Kochi market.