Pepper September delivery dropped Rs 848 and settled at Rs 20361/quintal as traders continued to book profits on the recent rally in prices driven by weakness in spot demand. India's pepper exports in April-July 2010 rose 2 percent to 6,750 tonnes from the same period a year ago.

Spot pepper dropped -358.8 rupees to 20464.3 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 21274/quintal while low of Rs 20361/quintal. Now support for the pepper is seen at 20057 and below could see a test of 19752. Resistance is now likely to be seen at 20970, a move above could see prices testing 21578.

Trading Ideas:

Pepper trading range is 19757-21583.

Pepper ended down on continued book profits driven by weakness in spot demand

Support for the pepper is seen at 20200 and resistance is at 20500.

NCDEX accredited warehouses pepper stocks fell 10 tonnes to 4296 tonnes.

Spot pepper dropped -358.8 rupees to 20464.3 rupees per 100 kg in Kochi market.