Pepper March delivery gained Rs 148 and settled at Rs 24245/quintal as availability in the domesticmarkets remains limited due to poor crop. Now the traders will be waiting for Vietnamese pepper to arrive in good quantity that may push the pepper prices down. Pepper arrivals from the new crop have started in the spot markets in Kerala, but prices are unlikely to fall sharply in the coming months on thin supply and lower domestic stocks.
Spot pepper dropped -579.6 rupees to 23847.05 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 24425/quintal while low of Rs 23855/quintal. Now support for the pepper is seen at 23925 and below could see a test of 23605. Resistance is now likely to be seen at 24495, a move above could see prices testing 24745.
Trading Ideas: Pepper trading range is 23616-24756. Pepper gained as availability in thedomestic markets remains limited Pepper looks to test support at 23925 and resistance is seen at 24495. NCDEX accredited warehouses pepper stocks rose 82 tonnes to 2351 tonnes. Spot pepper dropped -579.6 rupees to 23847.05 rupees per 100 kg in Kochi market.