Pepper yesterday traded with the negative node and settled -0.68% down at 22430 on sluggish domestic and export demand prompted profit-booking in the market profit booking ahead of holiday and booking the gains of last couples of day. International prices traded near $5250 and international market participation is limited due to New Year vacation and more participation is expected only from the second week of January. India's pepper exports in April-November 2010 fell 17 percent to 11,500 tonnes. Harvesting in Brazil had reached the end stage and stocks in other major producing countries are limited. In Kochi, a key market for the commodity in Kerala, pepper dropped 118 rupees to end at 22,091 rupees per 100 kg. For today's session market is looking to take support at 22321, a break below could see a test of 22212 and where as resistance is now likely to be seen at 22633, a move above could see prices testing 22836.

Trading Ideas:

Pepper trading range is 22226-22850.

Pepper dipped on profit booking and on sluggish domestic and export demand.

Export demand has been weak due to higher prices of pepper.

Unseasonal rains would delay arrivals, tightening supplies and keeping prices firm

SELL PEPPER JAN @ 22640-700 SL ABV 22880 TGT 22520-22350-22200.NCDEX  STBT

Spot pepper dropped -118.35 rupees to 22091 rupees per 100 kg in Kochi market.