Pepper March delivery gained Rs 321 and settled at Rs 22721/quintal due to short-covering, supported by thin supplies and depleting stocks. Unseasonal rains delayed harvest affecting the yield of pepper vines and is likely to slash Indian production this year, but lower stocks and lesser global output will keep prices firm. India's pepper exports in April-January fell 7 percent on year to 15,700 tonnes. Spot pepper gained 185.3 rupees to 22797.05 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 22890/quintal while low of Rs 22402/quintal. Now support for the pepper is seen at 22452 and below could see a test of 22183. Resistance is now likely to be seen at 22940, a move above could see prices testing 23159.

Trading Ideas:

Pepper trading range is 22199-23175.

Pepper gained due to short-covering supported by thin supplies and depleting stocks.

Pepper looks to test support at 22580 and resistance is seen at 22850

NCDEX accredited warehouses pepper stocks rose by 20 tonnes to 2821 tonnes.

Spot pepper gained 185.3 rupees to 22797.05 rupees per 100 kg in Kochi market.