Pepper October delivery dropped Rs 152 and settled at Rs 19371/quintal on hopes of good production due to favorable monsoon rains and on subdued demand from overseas countries. Indonesia and Vietnam are quoting cheaper than Indian prices. Indian production is expected to be higher this year as the major cultivating regions received good rains. Spot pepper dropped -58 rupees to 19518.65 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19600/quintal while low of Rs 19276/quintal. Now support for the pepper is seen at 19231 and below could see a test of 19092. Resistance is now likely to be seen at 19555, a move above could see prices testing 19740.

Trading Ideas:

Pepper trading range is 19092-19740.

Pepper ended weak on hopes of good production due to favorable monsoon

Pepper looks to test support at 19231 and resistance is seen at 19555.

Pepper exports in Apr-Aug slipped 5 percent to 7,600 tonnes

Spot pepper dropped -58 rupees to 19518.65 rupees per 100 kg in Kochi market.