Pepper December delivery gained Rs 519 and settled at Rs 22475/quintal on fresh buying support amid firm fundamentals. Carry-forward stocks in producing countries are projected to decline marginally to
94,582 tonne in 2011 from 95,442 tonne in 2010. Exportable surplus of producing nations is projected to be around 324,292 tonne in 2011, as against 333,092 in 2010. Exports during the coming year is projected at around 229,710 tonne. Internal consumption of producing countries is projected at 125,202 tonne in 2011. Spot pepper gained 250 rupees to 22036.65 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22581/quintal while low of Rs 21930/quintal. Now support for the pepper is seen at 22076 and below could see a test of 21678. Resistance is now likely to be seen at
22727, a move above could see prices testing 22980.

Trading Ideas:

Pepper trading range is 21683-22985.

Pepper ended higher supported by fresh buying amid firm fundamentals

Pepper looks to test support at 22320 and resistance is seen at 22600.

NCDEX accredited warehouses pepper stocks fell 84 tonnes to 1877 tonnes.

Spot pepper gained 250 rupees to 22036.65 rupees per 100 kg in Kochi market.