The Hindu Business Line : Pepper futures fall on bearish activities

The operators were pushing it down, as imported black pepper started trading at a discount to the domestic pepper, trading sources said. No fresh demand was coming. Experts said to have predicted that if the price breaches Rs 12,750 a quintal, it will fall till reached the level of Rs 12,150 a quintal. This has created a bearish sentiment in the market and operators were allegedly pulling the market down.

As against the July outstanding position of 4,358 tonnes, stocks held by the exchange are around 2,000 tonnes, market sources told Business Line. Add to this, July future is sold below spot prices and notwithstanding people were bringing the stock to the exchange, they pointed out.

July contract on NCDEX fell by Rs 216 to close at Rs 12,270 a quintal.

August and September dropped by Rs 209 and Rs 192, respectively, to close at Rs 12,424 and Rs 12,565 a quintal.

Total turnover increased by 1,649 tonnes to 3,009 tonnes. Total open interest dropped by 56 tonnes to 6,567 tonnes. July open interest fell by 145 tonnes to 4,358 tonnes while that of August and September moved up 76 tonnes and 5 tonnes, respectively.

Spot prices dropped by Rs 100 a quintal to close at Rs 11,900 (un-garbled) and Rs 12,400 (MG 1).

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Pepper futures fall on bearish activities