Pepper March delivery dropped Rs 199 and settled at Rs 22513/quintal on the back of weak domestic and export demand; Vietnamese arrivals too are expected to gain pace in March. Apart from this, there was some report of supply 2500 tons of pepper delivered from warehouse that weighed on the sentiments. India is quoting at a premium in the international market. Most of the overseas orders are going to Vietnam because of their lower offers. Spot pepper dropped -82.7 rupees to 22667.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22765/quintal while low of Rs 22455/quintal. Now support for the pepper is seen at 22390 and below could see a test of 22268. Resistance is now likely to be seen at 22700, a move above could see prices testing 22888.

Trading Ideas:

Pepper trading range is 22275-22895.

Pepper dropped on the back of weak domestic and export demand

Pepper looks to test support at 22390 and resistance is seen at 22700.

NCDEX accredited warehouses pepper stocks rose by 20 tonnes to 2782 tonnes.

Spot pepper dropped -82.7 rupees to 22667.3 rupees per 100 kg in Kochi market.