Pepper October delivery dropped Rs 294 and settled at Rs 18760/quintal on heavy profit selling pressure amid weak export demand and sluggish spot market demand. Fresh arrivals from Brazil have commenced and are in full swing. Prices offered by them are lower than the Indian offers in the international market. Weak demand from the overseas buyers is keeping the prices bearish since past few days. Spot pepper gained 83.05 rupees to 19081.25 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19280/quintal while low of Rs 18619/quintal. Now support for the pepper is seen at 18493 and below could see a test of 18225. Resistance is now likely to be seen at 19154, a move above could see prices testing 19547.

Trading Ideas:

Pepper trading range is 18225-19547.

Pepper ended lower on heavy profit selling pressure amid weak export demand

Pepper looks to test support at 18493 and resistance is seen at 19154.

NCDEX accredited warehouses pepper stocks fell 279 tonnes to 3827 tonnes.

Spot pepper gained 83.05 rupees to 19081.25 rupees per 100 kg in Kochi market.