Pepper August delivery dropped Rs 127 and settled at Rs 20720/quintal on sluggish spot market demand. Higher prices of Indian pepper in the international markets are making Indian parity out priced in the global markets. Black Pepper MG-1 at Kochi quoted steady at Rs 20600 per 100 kg and arrivals and offtakes were 200 quintals. Spot pepper fell 230 rupees to end at 20,625 rupees per 100 kg in Kochi. The contract touched the intraday high of Rs 21125/quintal while low of Rs 20580/quintal. Now support for the pepper is seen at 20492 and below could see a test of 20263. Resistance is now likely to be seen at 21037, a move above could see prices testing 21353.

Trading Ideas:

Pepper trading range is 20263-21353.

Pepper ended weak on sluggish spot market demand

Support for the pepper is seen at 20580 and resistance is at 20860.

NCDEX accredited warehouses pepper stocks rose by 19 tonnes to 4239 tonnes.

In spot pepper prices fell by 230 rupees to at 20625 rupees per 100 kg