The pepper market continued to head south on selling pressure and bearish sentiments spread by operators and consequently all the active contracts were closed much below the previous day closing.
Activities were limited and the turn over was concentrated on March delivery with 82 per cent while that in February was at 9 per cent. Activities in April were also less.
On the spot 65 tonnes of fresh pepper arrived and that were traded at Rs 386, Rs 396 and Rs 406 a kg. Growers said that many of them would not be selling if the prices dropped to below Rs 400 a kg.
February contract on the NCDEX decreased by Rs 365 a quintal to close at Rs 38,600. March and April fell by Rs 565 and Rs 380 respectively a quintal to close at Rs 36,015 and Rs 34,700.
Total turnover increased by 186 tonnes to 1,572 tonnes. Total open interest decreased by 51 tonnes to 3,600 tonnes.
February open interest dropped by 47 tonnes to 686 tonnes while that of March dipped by 34 tonnes to 2,081 tonnes. April was up by 8 tonnes to close at 554 tonnes.
Spot prices in tandem with the futures market trend and increased arrival dropped by Rs 200 a quintal to close at Rs 39,600 (ungarbled) and Rs 41,100 (MG 1) a quintal.