Pepper December delivery dropped Rs 133 and settled at Rs 21790/quintal as weakening export demand weighed on sentiment. There is not much buying from the overseas buyers. Strong export demand and domestics demand expected to emerge ahead of Christmas and new year while arrivals from the fresh crop would begin in next January only. The current stock levels are not enough to meet demand. The stock levels with other countries like Vietnam, Brazil and Indonesia are at lower levels. Spot pepper dropped -387.5 rupees to 21453.1 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22150/quintal while low of Rs 21315/quintal. Now support for the pepper is seen at 21353 and below could see a test of 20917. Resistance is now likely to be seen at 22188, a move above could see prices testing 22587.

Trading Ideas:

Pepper trading range is 20917-22587.

Pepper ended lower as weakening export demand weighed on sentiment

Pepper looks to test support at 21540 and resistance is seen at 21920.

NCDEX accredited warehouses pepper stocks fell 37 tonnes to 2522 tonnes.

Spot pepper dropped -387.5 rupees to 21453.1 rupees per 100 kg in Kochi market.