Pepper October delivery gained Rs 157 and settled at Rs 20228/quintal on poor supplies in the spot market and lower stocks with major producing countries, offsetting tepid export demand. Prices were higher on short-covering but are unlikely to continue to trade higher as trend is still weak on poor overseas demand. Spot pepper dropped -83.65 rupees to 19928.1 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20474/quintal while low of Rs 19750/quintal. Now support for the pepper is seen at 19827 and below could see a test of 19427. Resistance is now likely to be seen at 20551, a move above could see prices testing 20875.

Trading Ideas:

Pepper trading range is 19427-20875.

Pepper ended higher on poor supplies in the spot market

Support for the pepper is seen at 20100 and resistance is at 20350.

NCDEX accredited warehouses pepper stocks fell by a tonne to 4316 tonnes.

Spot pepper dropped -164.7 rupees to 19847.05 rupees per 100 kg in Kochi market.