Pepper dropped on weak demand in the spot market and poor overseas demand. India's pepper output in 2010 is expected around last year's levels, but prices are unlikely to fall sharply in coming months due to low carry-over stocks. Spot pepper dipped 41 rupees to 15,226 rupees per 100 kg in Kochi. May delivery dropped Rs 120 and settled at Rs 15401/quintal. The contract touched the intra day high of Rs 15510/quintal while low of Rs 15305/quintal. Now support for the pepper is seen at 15301 and below could see a test of 15200. Resistance is now likely to be seen at 15506, a move above could see prices testing 15610.

Trading Ideas:

Pepper trading range is 15200-15610.

Pepper dropped on weak demand in the spot market and poor overseas demand

Support for the pepper is at 15300 and resistance is at 15505.

NCDEX accredited warehouses pepper stocks rose by 30 tonnes to 2463 tonnes.

Spot pepper prices fell 41 rupees to end at 15,226 rupees per 100 kg

SELL PEPPER MAY @ 15500-540 SL 15620 TGT 15435-15360-15280.NCDEX