Pepper futures declined on bearish sentiments after high volatility market on Friday. Consequently, the first two active contracts fell, while the third moved up and closed above its previous day’s closing.
The market opened firm and traded with high volatility and September touched the highest price of the day in the opening session itself.
Thereafter, it slided and in the afternoon touched the lowest price of the day at Rs 41,125, down by Rs 525 from the highest price of the day. October dropped to the lowest price of the day and touched Rs 42,330, down by Rs 620 a quintal and moved up and traded with high volatility. It the dropped to end below the previous day’s closing. Position in August was 3,075 tonnes and traders were switching over to October as the premium was high. There were no activities on the spot as growers, primary market dealers and terminal market players were on holidays from Monday.
September contract on the NCDEX was down by Rs 235 a quintal to the last traded price (LTP) of Rs 41,300 a quintal. October contract decreased by Rs 145 a quintal to the LTP of Rs 42,625 a quintal. November contract moved up by Rs 205 to the LTP of 43,000 a quintal. Total turnover decreased by 3,093 tonnes to 2,141 tonnes. Total open interest moved by 29 tonnes to 6,831 tonnes.
August open interest decreased by 286 tonnes to 3,075 tonnes, while October and November increased by312 tonnes and 3 tonnes, respectively, to 3,668 tonnes and 76 tonnes.
Spot prices were down in tandem with the futures market trend by Rs200 a quintal to close at Rs 38,800 (ungarbled) and Rs 40,300 (garbled) a quintal. Indian parity in the international market was at $7,800 a tonne (c&f) Europe and $8,100 a tonne (c&f) US.