Pepper March delivery gained Rs 165 and settled at Rs 23700/quintal driven by estimates of lower output and tight supplies in the spot market. Unseasonal rains delayed harvest affecting the yield of pepper vines and is likely slash Indian production this year, but lower stocks and lesser global output will keep prices firm.

Pepper arrivals have started in Kerala after a month-long delay, but is still to pick up steam. Spot pepper dropped -6.95 rupees to 23481.25 rupees per 100 kg in Kochi market. The contract touched the intraday high of Rs 23940/quintal while low of Rs 23530/quintal. Now support for the pepper is seen at 23507 and below could see a test of 23313. Resistance is now likely to be seen at 23917, a move above could see prices testing 24133.

Trading Ideas: Pepper trading range is 23312-24132. Pepper gained driven by estimates of lower output and tight supplies in the spot market. Pepper looks to test support at 23507 and resistance is seen at 23917. NCDEX accredited warehouses pepper stocks stood at 2721 tonnes. Spot pepper dropped -6.95 rupees to 23481.25 rupees per 100 kg in Kochi market.