Pepper August delivery dropped Rs 8 and settled at Rs 17840/quintal on supply shortage in the domestic market amid firm domestic demand. Supply is very less in the domestic market, as traders are holding back stocks on hopes of higher prices. The contract touched the intraday high of Rs 17949/quintal while low of Rs 17733/quintal. Now support for the pepper is seen at 17732 and below could see a test of 17625. Resistance is now likely to be seen at 17948, a move above could see prices testing 18057.

Trading Ideas:

Pepper trading range is 17625-18057.

Pepper ended weak on supply shortage in domestic market amid firm domestic demand

Supply is very less in domestic market as traders are holding back stocks

Support for the pepper is seen at 17730 and resistance is at 17950.

SELL PEPPER AUG @ 17900-960 SL 18100 TGT 17822-17740-17625.NCDEX

NCDEX accredited warehouses pepper stocks fell 132 tonnes to 4037 tonnes.