Pepper January delivery gained Rs 257 and settled at Rs 22180/quintal supported by a delay in arrivals, though tepid exports kept the downside limited. Tight supply position amid strong demand in the global market is likely to lead to strong buying interest in pepper and the prices are likely to remain firm until the fresh arrivals from major producing nations Vietnam and India are floated into the world markets. Winter season demand from the north Indian buyers and other importing nations are strong now. Spot pepper dropped -20.6 rupees to 21538.2 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22247/quintal while low of Rs 21805/quintal. Now support for the pepper is seen at 21908 and below could see a test of 21635. Resistance is now likely to be seen at 22350, a move above could see prices testing 22519.

Trading Ideas:

Pepper trading range is 21641-22525.

Pepper ended higher supported by a delay in arrivals

Pepper looks to test support at 22000 and resistance is seen at 22350.

Winter season demand from north Indian buyers and other importing nations are strong now.

Spot pepper dropped -20.6 rupees to 21538.2 rupees per 100 kg in Kochi market.