Pepper February delivery dropped Rs 98 and settled at Rs 22889/quintal due to lackluster export demand that outweighed positives from lower supplies and depleting stocks. Demand from both local and overseas buyers is expected to gain pace by the end of January. A pick-up in demand is likely to support prices in short-term. Arrivals from the fresh crop are expected to hit the market by mid-January or last week of January. Spot pepper gained
73.55 rupees to 22344.1 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23175/quintal while low of Rs 22805/quintal. Now support for the pepper is seen at 22738 and below could see a test of
22586. Resistance is now likely to be seen at 23108, a move above could see prices testing 23326.

Trading Ideas:

Pepper trading range is 22580-23320.

Pepper dropped due to lackluster export demand that outweighed positives from lower supplies

Pepper looks to test support at 22738 and resistance is seen at 23108.

NCDEX accredited warehouses pepper stocks rose 87 tonnes to 1689 tonnes.

SELL PEPPER FEB BELOW 22850 SL 23050 TGT 22700-22580-22420. NCDEX

Spot pepper gained 73.55 rupees to 22344.1 rupees per 100 kg in Kochi market.