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G K Nair

Kochi, Sept 5 Bear operators pushed down the pepper futures market on Friday. September contract on NCDEX fell by Rs 356 a quintal to Rs 13,585, which is Rs 415 below the spot price for MG 1 of Rs 14,000 a quintal. Even October contract fell below the spot price by Rs 336 a quintal to Rs 13,880. November contact dropped by Rs 314 to Rs 14,130. The fall in December to February contracts was from Rs 296 to Rs 349 a quintal.

On NMCE, September contract dropped by Rs 421 a quintal to Rs 13,617. The fall in other contracts was from Rs 308 to Rs 365 a quintal. Total turnover on NCDEX moved up by 4,876 tonnes to 7,965 tonnes, while total open interest increased by 248 tonnes to 20,319 tonnes. Spot prices in tandem with the futures market trend fell by Rs 200 a quintal to close at Rs 13,400 (un-garbled) and Rs 14,000 (MG 1) a quintal.

Like in the past domestic buyers were taken aback as the futures started declining, trading sources said. “In a declining futures market they become mere spectators,” they said.

The bear operators have also pressurised the market to decline, market sources told Business Line.

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