Pepper yesterday pared most of its gains on tepid export demand due to higher prices for Indian produce, while a decline in spot demand at higher levels also weighed Global pepper production has not been keeping pace with growth in consumption of the commodity offering scope for increasing production, VJ Kurian, chairman of Jakarta-based International Pepper Community (IPC) and Indian Spices Board said. Spot pepper dropped -287.1 rupees to 21543.75 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22300/quintal while low of Rs 21780/quintal. Now support for the pepper is seen at 21819 and below could see a test of 21539. Resistance is now likely to be seen at 22339, a move above could see prices testing 22579.

Trading Ideas:

Pepper trading range is 21539-22579.

Pepper yesterday pared most of its gains on tepid export demand

Pepper looks to test support at 21900 and resistance is seen at 22260.

NCDEX accredited warehouses pepper stocks fell 1000 tonnes to 2422 tonnes.

Spot pepper dropped -287.1 rupees to 21543.75 rupees per 100 kg in Kochi market.