Pepper prices showed a mixed trend on Thursday with the running contract moving up slightly while the nearbys declined on bearish activities.
The market was highly volatile. The turnover dropped across the board.
“There was a calculated move to depress the market,” market sources told Business Line. Liquidation/switching over were seen.
The bear operators managed to get back in the driving seat, they alleged.
There was no selling pressure on the spot in general and yet the market fell, they said.
March contract on the NCDEX moved up by Rs 30 to Rs 37,155 a quintal.
April and May contracts dropped by Rs 110 and Rs 85 respectively to Rs 35,885 and Rs 35,785.
Total turnover decreased by 1,528 tonnes to 2,027 tonnes. Total open interest declined by 37 tonnes to 3,051 tonnes.
Spot prices remained steady at Rs 35,100 (ungarbled) and Rs 36,600 (MG 1) a quintal on limited activities.
On the spot, 57 tonnes of fresh pepper arrived and that were traded afloat to different directions at the average price of Rs 351 a kg.
Indian parity in the international market also remained unchanged at yesterday's levels of $7,100 (c&f) for March shipment and $7,050 and $7,000 a tonne (c&f) for April and May shipments respectively.