Pepper July delivery gained Rs 322 and settled at Rs 16015/quintal on bargain-buying after losing more than 2 percent in the last three trading sessions. Prices may recover on continued bargain-buying amid limited supply in the physical market. Spot pepper dropped 105 rupees to end at 15,578 rupees per 100 kg in Kochi, a major trading hub in Kerala. The contract touched the intraday high of Rs 16070/quintal while low of Rs 15536/quintal. Now support for the pepper is seen at 15677 and below could see a test of 15340. Resistance is now likely to be seen at 16211, a move above could see prices testing 16408.

Trading Ideas:

Pepper trading range is 15340-16408.

Pepper yesterday gained as per expectation on bargain-buying

Support for the pepper is seen at 15880 and resistance is at 16140.

NCDEX accredited warehouses pepper stocks fell 359 tonnes to 3577 tonnes.

BUY PEPPER JULY @ 15800-850 SL 15680 TGT 15920-16000-16140.NCDEX

Spot pepper fell by 105 rupees and ended at 15578 rupees per 100 kg