The Hindu Business Line : Pepper futures decline on bull liquidation

Selling pressure was also felt in the spot market, which pushed the prices down by Rs 100 a quintal, said to be in tandem with the decline in the futures.

The buyers, who have adopted a wait-and-watch attitude, were inactive.

The bulls, worried about the quality of the commodity in warehouses, were liquidating, market sources told Business Line.

They urged the regulators to look into the quality and weight of the commodity available for delivery in the warehouses.

There was no overseas demand too, as the international players are also anticipating a further decline in prices.

May position was down by Rs 118 a quintal at the NCDEX, while it was Rs 186 in the NMCE on Tuesday.

The decline for other positions in the NCDEX ranged from Rs 100 to Rs 132 a quintal, whereas it was from Rs 127 to Rs 210 in the NMCE.

The total turnover on Tuesday at the NCDEX was 3,311 tonnes as against 1,755 tonne on Monday.

Turnover at the NMCE also moved up to 1,554 tonnes (930 tonnes).

Open interest at the NCDEX on Tuesday was 18,585 tonnes (18,441 tonnes), while it was 3,981 tonnes at the NMCE on Tuesday ( 4,041 tonnes).

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Pepper futures decline on bull liquidation