Pepper September delivery dropped Rs 426 and settled at Rs 18977/quintal on lacklustre overseas demand as India is quoting at a premium to other competitors. Vietnam, Brazil and Indonesia are major overseas competitors and Indian prices are 10-12 percent higher. In Kochi, a major trading hub in Kerala, spot pepper fell 147 rupees to end at 19,309 rupees per 100 kg. The contract touched the intraday high of Rs 19540/quintal while low of Rs 18900/quintal. Now support for the pepper is seen at 18738 and below could see a test of 18499. Resistance is now likely to be seen at 19378, a move above could see prices testing 19779.

Trading Ideas:

Pepper trading range is 18499-19779.

Pepper ended lower on lacklustre overseas demand

Support for the pepper is seen at 18740 and resistance is at 19050.

NCDEX accredited warehouses pepper stocks remained at 4279 tonnes.

In spot pepper prices fell by 147 rupees to at 19309 rupees per 100 kg