Pepper December delivery gained Rs 318 and settled at Rs 22230/quintal due to squeeze in supply and estimates of lower global production after witnessing a series of decline in last couple of days. There was some selling pressure witnessed in the commodity in last session as the farm grade pepper was sold below the terminal market prices. Though, some fresh buying has appeared, supporting the prices. Spot pepper gained 8.45 rupees to 21865.6 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22350/quintal while low of Rs 21908/quintal. Now support for the pepper is seen at 21975 and below could see a test of 21721. Resistance is now likely to be seen at 22417, a move above could see prices testing 22605.

Trading Ideas:

Pepper trading range is 21715-22599.

Pepper ended higher due to squeeze in supply and estimates of lower global production

Pepper looks to test support at 22060 and resistance is seen at 22420.

NCDEX accredited warehouses pepper stocks fell 69 tonnes to 2630 tonnes.

Spot pepper gained 8.45 rupees to 21865.6 rupees per 100 kg in Kochi market.