Pepper ended down tracking weakness in the overseas market, where Indian prices are at a premium. Higher prices of Indian origin pepper in the international market are hitting the overseas demand of the spice. Spot pepper dropped 125 rupees to end at 15,970 rupees per 100 kg in Kochi. June delivery dropped Rs 150 and settled at Rs 16480/quintal. The contract touched the intraday high of Rs 16731/quintal while low of Rs 16221/quintal. Now support for the pepper is seen at 16224 and below could see a test of 15967. Resistance is now likely to be seen at 16734, a move above could see prices testing 16987.

Trading Ideas:

Pepper trading range is 15967-16987.

Pepper ended down tracking weakness in the overseas market

Support for the pepper is seen at 16350 and resistance is at 16600.

NCDEX accredited warehouses pepper stocks rose by 78 tonnes to 2665 tonnes.

Spot pepper fell 125 rupees to end at 15970 rupees per 100 kg

SELL PEPPER JUNE @ 16600-640 SL 16740 TGT 16540-16470-16360.NCDEX