Pepper July delivery gained Rs 408 and settled at Rs 17850/quintal on encouraging demand at home amid lower supplies. Prices of pepper of almost all origins have improved in the international market on good demand. Trend looks firm in the short term on hopes of lower supplies. Spot pepper gained 40 rupees to 17,206 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 17965/quintal while low of Rs 17402/quintal. Now support for the pepper is seen at 17513 and below could see a test of 17176. Resistance is now likely to be seen at 18076, a move above could see prices testing 18302.

Trading Ideas:

Pepper trading range is 17174-18300.

Pepper ended positive on encouraging local demand amid lower supplies.

Support for the pepper is seen at 17700 and resistance is at 18000.

NCDEX accredited warehouses pepper stocks fell 13 tonnes to 4082 tonnes.

WAIT FOR FRESH ENTRY IN PEPPER A PULL BACK CAN BE SEEN

Spot pepper gained by 40 rupees and ended at 17206 rupees per 100 kg