Pepper November delivery gained Rs 86 and settled at Rs 18708/quintal as more short covering at the lower levels supported the falling prices to some extent. Lower rates in the International markets kept having adverse impact on Pepper sentiments. Some domestic demand from the North was there but low export demand pressurized prices. Indonesia and Brazil are reportedly quoting lesser rates and good arrivals have negatively impacted the Indian market rates. Spot pepper gained 16.9 rupees to 18673.55 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 18790/quintal while low of Rs 18423/quintal. Now support for the pepper is seen at 18491 and below could see a test of 18273. Resistance is now likely to be seen at 18858, a move above could see prices testing 19007.

Trading Ideas:

Pepper trading range is 18273-19007.

Pepper ended positive as more short covering at the lower levels

Pepper looks to test support at 18491 and resistance is seen at 18858.

Lower rates in the International markets kept having adverse impact on Pepper sentiments

Spot pepper gained 16.9 rupees to 18673.55 rupees per 100 kg in Kochi market.