Pepper March delivery gained Rs 345 and settled at Rs 23844/quintal on a squeeze in daily supplies, lower carry-forward stocks and depleting stocks with the leading producing countries. Pepper arrivals from the new crop have started in the spot markets in Kerala, but prices are unlikely to fall sharply in the coming months due to thin supply and lower domestic stocks. India's pepper exports in April-December 2010 fell 9 percent to 14,000 tonnes. Spot pepper gained 15.7 rupees to 23482.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23950/quintal while low of Rs 23371/quintal. Now support for the pepper is seen at 23493 and below could see a test of 23143. Resistance is now likely to be seen at 24072, a move above could see prices testing 24301.

Trading Ideas:

Pepper trading range is 23154-24312.

Pepper gained on a squeeze in daily supplies and depleting stocks

Pepper looks to test support at 23680 and resistance is seen at 24000

NCDEX accredited warehouses pepper stocks rose by 60 to 2411 tonnes.

Spot pepper gained 15.7 rupees to 23482.35 rupees per 100 kg in Kochi market.