Pepper December delivery gained Rs 20 and settled at Rs 21810/quintal on hopes of a likely delay in fresh arrivals due to unseasonal rains, which slowed harvesting, and slack supply. Expectations of a delay in harvesting are supporting buying in pepper. The tight supply condition in the global pepper market is not likely to ease for the next seven-eight weeks, as stocks in major producing countries like Vietnam, India and Indonesia are declining sharply. Supply is expected to improve only by mid-February, when harvesting in Vietnam will be active.Spot pepper gained 47.05 rupees to 21647.05 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22020/quintal while low of Rs 21701/quintal. Now support for the pepper is seen at 21667 and below could see a test of 21525. Resistance is now likely to be seen at 21986, a move above could see prices testing 22163.

Trading Ideas:

Pepper trading range is 21523-22161.

Pepper ended positive on hopes of a likely delay in fresh arrivals

Pepper looks to test support at 21670 and resistance is seen at 21986.

NCDEX accredited warehouses pepper stocks rose 27 tonnes to 1344 tonnes.

Spot pepper gained 47.05 rupees to 21647.05 rupees per 100 kg in Kochi market.