Pepper April delivery gained Rs 176 and settled at Rs 23731/quintal on the back of lower arrivals in the local markets and some buying interest. However the market is still focusing on Vietnam and its arrival which may impact the export demand. Production this year is also expected to be slightly lower. Pepper arrivals in Kochi mandi, increased to 350 quintals from 200 quintals. Spot pepper dropped -113.8 rupees to 23093.35 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23815/quintal while low of Rs 23517/quintal. Now support for the pepper is seen at 23560 and below could see a test of 23390. Resistance is now likely to be seen at 23858, a move above could see prices testing 23986.

Trading Ideas:

Pepper trading range is 23390-23986.

Pepper gained on the back of lower arrivals in the local markets and some buying interest.

Pepper looks to test support at 23500 and resistance is seen at 23900.

Pepper arrivals in Kochi mandi, increased to 350 quintals from 200 quintals.

Spot pepper dropped -113.8 rupees to 23093.35 rupees per 100 kg in Kochi market.