Pepper fell more than 3 percent on profit booking that emerged after prices rose more than 10 percent in the last 11 sessions. Weakness in export demand is pressurising pepper futures. Prices of Indian origin pepper are at premium in the international market. Spot pepper dropped 59 rupees to end at 16,558 rupees per 100 kg in Kochi. June delivery dropped Rs 544 and settled at Rs 16720/quintal. The contract touched the intra day high of Rs 17318/quintal while low of Rs 16635/quintal. Now support for the pepper is seen at 16464 and below could see a test of 16208. Resistance is now likely to be seen at 17147, a move above could see prices testing 17574.

Trading Ideas:

Pepper trading range is 16208-17574.

Pepper fell more than 3 percent on profit booking

Support for the pepper is seen at 16580 and resistance is at 16860.

NCDEX accredited warehouses pepper stocks fell by 367 tonnes to 2487 tonnes.

SELL PEPPER JUNE ON JUMP @ 16850 SL 16940 TGT 16780-16650-16580.NCDEX

Spot pepper fell 59 rupees to end at 16,558 rupees per 100 kg