Pepper May delivery gained Rs 197 and settled at Rs 28649/quintal witnessing some short covering otherwise profit booking at higher levels brought some dips to the market rates in last session after shooting considerably higher in the last few weeks. Pepper registered sharp increase in last 10-12 sessions. Now, it is unable to sustain higher levels and it may see some more corrections in the next few sessions. Supplies have been poor in the spot market because of almost stagnant production in the last two-three years. Spot pepper gained 4.75 rupees to 27771.4 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 28670/quintal while low of Rs 28070/quintal. Now support for the pepper is seen at 28256 and below could see a test of 27863. Resistance is now likely to be seen at 28856, a move above could see prices testing 29063.

Trading Ideas:

Pepper trading range is 27863-29063.

Pepper gained witnessing some short covering otherwise profit booking at higher levels

Pepper looks to test support at 28256 and resistance is seen at 28856.

NCDEX accredited warehouses pepper stocks rose by 14 tonnes to 3268 tonnes.

Spot pepper gained 4.75 rupees to 27771.4 rupees per 100 kg in Kochi market.