Pepper July delivery dropped Rs 537 and settled at Rs 16600/quintal on poor local and overseas demand. Weakness in other spices is hurting pepper prices and there is no improvement in the overseas demand. Supply is limited but at the same time demand has also come down. Spot pepper dropped 159 rupees to end at 16,623 rupees per 100 kg in Kochi.

The contract touched the intraday high of Rs 17060/quintal while low of Rs 16555/quintal. Now support for the pepper is seen at 16417 and below could see a test of 16233. Resistance is now likely to be seen at 16922, a move above could see prices testing 17243.

Trading Ideas:

Pepper trading range is 16233-17243.

Pepper on Saturday also continues weak trend due to weak demand

Support for the pepper is seen at 16420 and resistance is at 16720.

NCDEX accredited warehouses pepper stocks fell 43 tonnes to 3595 tonnes.

Spot pepper dropped by 159 rupees and ended at 16623 rupees per 100 kg

BUY PEPPER JUNE @ 17000 SL 16880 TGT 17100-17190-17280.NCDEX