Pepper November delivery dropped Rs 560 and settled at Rs 21265/quintal on heavy profit taking. Higher prices amid fear of lower export demand added bearish cues in the pepper market. The offtakes in the Kochi market reduced on higher prices and weak futures market. The offtakes reduced to 300 quintals from 450 quintals arrivals. Spot pepper dropped -83.85 rupees to 21191.15 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 21840/quintal while low of Rs 21111/quintal. Now support for the pepper is seen at 20971 and below could see a test of 20676. Resistance is now likely to be seen at 21700, a move above could see prices testing 22134.

Trading Ideas:

Pepper trading range is 20676-22134.

Pepper ended lower on heavy profit taking

Pepper looks to test support at 21100 and resistance is seen at 21420.

NCDEX accredited warehouses pepper stocks fell 201 tonnes to 2836 tonnes.

Spot pepper dropped -83.85 rupees to 21191.15 rupees per 100 kg in Kochi market.