Pepper October delivery dropped Rs 136 and settled at Rs 20826/quintal weighed by subdued export shipments, but limited availability of stocks capped the downside. Export demand is not good at the same time the long-term outlook is bullish due to lower production last season. Spot pepper gained 184.45 rupees to 20518.25 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 21090/quintal while low of Rs 20754/quintal. Now support for the pepper is seen at 20690 and below could see a test of 20554. Resistance is now likely to be seen at 21026, a move above could see prices testing 21226.

Trading Ideas:

Pepper trading range is 20554-21226.

Pepper ended weak weighed by subdued export shipments

Support for the pepper is seen at 20690 and resistance is at 21000.

Spread between Pepper OCT & NOV contracts yesterday traded in the range of 176 to 198.

Spot pepper gained 184.45 rupees to 20518.25 rupees per 100 kg in Kochi market.