Pepper April delivery gained Rs 214 and settled at Rs 22645/quintal due to short-covering by traders, supported by estimates of lower output. Unseasonal rains delayed harvest, affecting yield of pepper vines, and are likely to slash Indian production this year, but lower stocks and lesser global output will keep the prices firm. Spot pepper dropped -135.65 rupees to 22384.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22691/quintal while low of Rs 22302/quintal. Now support for the pepper is seen at 22401 and below could see a test of 22157. Resistance is now likely to be seen at 22790, a move above could see prices testing 22935.

Trading Ideas:

Pepper trading range is 22148-22926.

Pepper gained due to short-covering by traders, supported by estimates of lower output

Pepper looks to test support at 22460 and resistance is seen at 22780

NCDEX accredited warehouses pepper stocks remained at 2748 tonnes.

Spot pepper dropped -135.65 rupees to 22384.35 rupees per 100 kg in Kochi market.