Pepper March delivery dropped Rs 227 and settled at Rs 22670/quintal because subdued exports and fresh supply from Vietnam offset restricted supply and depleting stocks. Lower prices of Vietnamese pepper are hurting exports from India. It is harvesting season in Vietnam and the supply is likely to increase gradually. Spot pepper dropped -647.05 rupees to 22800 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23010/quintal while low of Rs 22345/quintal. Now support for the pepper is seen at 22340 and below could see a test of 22010. Resistance is now likely to be seen at 23005, a move above could see prices testing 23340.

Trading Ideas:

Pepper trading range is 22013-23343.

Pepper dropped because subdued exports and fresh supply from Vietnam offset restricted supply

Pepper looks to test support at 22500 and resistance is seen at 22820

NCDEX accredited warehouses pepper stocks rose by 19 tonnes to 2762 tonnes.

Spot pepper dropped -647.05 rupees to 22800 rupees per 100 kg in Kochi market.