Pepper March delivery gained Rs 82 and settled at Rs 22735/quintal as restricted local supply, low stocks because of stagnant production in the last few years prompted buying. Expectation of supply 2500 tons of pepper delivered from warehouse likely to dampened sentiments. Import possibilities are also alive in the marker due to the lack of adequate arrivals in the market. Arrivals from the fresh crop have started in the spot markets of Kerala, but in very small quantities. Anticipation of Vietnam arrivals that is expected to gain pace in March together with feeble response in the export market diluted the bullish sentiments in the counter. Spot pepper gained 2.95 rupees to 22750 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22840/quintal while low of Rs 22536/quintal. Now support for the pepper is seen at
22567 and below could see a test of 22400. Resistance is now likely to be seen at 22871, a move above could see prices testing 23008.

Trading Ideas:

Pepper trading range is 22392-23000.

Pepper gained as restricted local supply and low stocks prompted buying.

Pepper looks to test support at 22550 and resistance is seen at 22900

Arrivals from the fresh crop have started in the spot markets of Kerala

Spot pepper gained 2.95 rupees to 22750 rupees per 100 kg in Kochi market.