Pepper December delivery dropped Rs 313 and settled at Rs 21905/quintal as traders booked profits on weak export demand, offsetting a supply shortage and winter demand. Export demand for Indian pepper continues to rule weak due to higher prices in the international market. The overall trend looks positive because of the poor supply situation. Spot pepper gained 337.55 rupees to 21830.85 rupees per
100 kg in Kochi market. The contract touched the intraday high of Rs 22670/quintal while low of Rs 21615/quintal. Now support for the pepper is seen at 21457 and below could see a test of 21008. Resistance is now likely to be seen at 22512, a move above could see prices testing 23118.

Trading Ideas:

Pepper trading range is 21008-23118.

Pepper ended lower as traders booked profits on weak export demand

Pepper looks to test support at 21760 and resistance is seen at 22060.

NCDEX accredited warehouses pepper stocks rose 1030 tonnes to 3422 tonnes.

Spot pepper gained 337.55 rupees to 21830.85 rupees per 100 kg in Kochi market.