Pepper November delivery gained Rs 672 and settled at Rs 21790/quintal as a jump in seasonal demand amid thin supplies and diminishing stocks with key producing countries prompted buying. Tight supply position is prevailing in India, Vietnam and lower output is expected from Brazil and Indonesia. Stocks with major US, European and Asian consumers are very low and they will start buying ahead of the Christmas and New Year. Strong demand is witnessed in the local markets from the north Indian buyers and local stockiest ahead of the winter season. Spot pepper gained 540.65 rupees to 21275 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 21900/quintal while low of Rs 21103/quintal. Now support for the pepper is seen at 21295 and below could see a test of 20801. Resistance is now likely to be seen at 22092, a move above could see prices testing 22395.

Trading Ideas:

Pepper trading range is 20801-22395.

Pepper ended higher jump in seasonal demand amid thin supplies

Pepper looks to test support at 21600 and resistance is seen at 22000.

Stocks with major US, European and Asian consumers are very low

Spot pepper gained 540.65 rupees to 21275 rupees per 100 kg in Kochi market.