Pepper March delivery gained Rs 99 and settled at Rs 23630/quintal on slack supply in the physical market, depleting domestic stocks and lower availability with major producing countries. Limited supply in the market is supporting pepper prices. Arrivals from the new crop are very poor. Farmers in India are likely to hold the stock since they liquidated the carry over stocks due to higher prices. Spot pepper gained 89.05 rupees to 22943.75 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23780/quintal while low of Rs 23125/quintal. Now support for the pepper is seen at 23243 and below could see a test of 22857. Resistance is now likely to be seen at 23898, a move above could see prices testing 24167.

Trading Ideas:

Pepper trading range is 22871-24181.

Pepper gained on slack supply in the physical market, depleting domestic stocks

Pepper looks to test support at 23243 and resistance is seen at 23898.

NCDEX accredited warehouses pepper stocks rose 38 tonnes to 2236 tonnes.

Spot pepper gained 89.05 rupees to 22943.75 rupees per 100 kg in Kochi market.