Pepper February delivery dropped Rs 20 and settled at Rs 22840/quintal on adequate stocks following fresh arrival from producing region amid weak exports demand.  Fresh arrivals have started but in a very small quantities. Spot pepper gained 118.75 rupees to 22375 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22992/quintal while low of Rs 22776/quintal. Now support for the pepper is seen at 22747 and below could see a test of 22653. Resistance is now likely to be seen at 22963, a move above could see prices testing 23085.

Trading Ideas:

Pepper trading range is 22667-23099.

Pepper dropped on adequate stocks following fresh arrival

Pepper looks to test support at 22747 and resistance is seen at 22963.

NCDEX accredited warehouses pepper stocks gained 25 tonnes to 1759 tonnes.

Spot pepper gained 118.75 rupees to 22375 rupees per 100 kg in Kochi market.