Pepper February delivery dropped Rs 126 and settled at Rs 23020/quintal weighed by the arrivals from the fresh crop and subdued overseas demand due to higher prices of Indian produce.

Arrivals from the new crop have started in some of the interior markets of Kerala but in very small quantities. Arrivals have started at a few places and are expected to gain pace gradually. Spot pepper dropped -93.75 rupees to 22387.5 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23280/quintal while low of Rs 22950/quintal. Now support for the pepper is seen at 22887 and below could see a test of 22753. Resistance is now likely to be seen at 23217, a move above could see prices testing 23413.

Trading Ideas:

Pepper trading range is 22762-23422.

Pepper dropped weighed by the arrivals from the fresh crop and subdued overseas demand.

Pepper looks to test support at 22885 and resistance is seen at 23215.

NCDEX accredited warehouses pepper stocks gained 290 tonnes to 2049 tonnes.

SELL PEPPER FEB BELOW 22950 SL 23140 TGT 22800-22680-22560. NCDEX

Spot pepper dropped -78.2 rupees to 22403.05 rupees per 100 kg in Kochi market.