Pepper November delivery dropped Rs 169 and settled at Rs 18875/quintal weighed by sluggish export demand for the local produce. 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 71.2 rupees to 18880 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 19117/quintal while low of Rs 18556/quintal. Now support for the pepper is seen at 18582 and below could see a test of 18288. Resistance is now likely to be seen at 19143, a move above could see prices testing 19410.

Trading Ideas:

Pepper trading range is 18288-19410.

Pepper ended lower weighed by sluggish export demand

Pepper looks to test support at 18582 and resistance is seen at 19143.

NCDEX accredited warehouses pepper stocks fell 150 tonnes to 3645 tonnes.

Spot pepper dropped -78.8 rupees to 18730 rupees per 100 kg in Kochi market.