Pepper October delivery dropped Rs 785 and settled at Rs 19510/quintal on lacklustre overseas demand due to higher price for Indian produce and on dull cues from other spices. Sentiment is down as nothing is supporting prices. Export demand is still weak as other origins are offering cheaper than India. Current weather conditions are favourable and we can see average crop next year. Spot pepper dropped -69.4 rupees to 19777.65 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 20275/quintal while low of Rs 19484/quintal. Now support for the pepper is seen at 19238 and below could see a test of 18965. Resistance is now likely to be seen at 20029, a move above could see prices testing 20547.

Trading Ideas:

Pepper trading range is 18965-20547.

Pepper ended lower on lacklustre overseas demand due to higher price for Indian produce

Support for the pepper is seen at 19230 and resistance is at 19720.

NCDEX accredited warehouses pepper stocks fell by a tonne to 4315 tonnes.

Spot pepper dropped -69.4 rupees to 19777.65 rupees per 100 kg in Kochi market.