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Pepper prices fell on Monday on reports of selling pressure. As prices crossed Rs 400-level and touched Rs 405 a kg, those who were holding the material started liquidating. This phenomenon led to the price fall, market sources said. The change in the weather has also paved the way for higher arrivals, they said.
In the international market, European buyers are on holidays while the US buyers are said to be waiting for the competition between the India and other producers such as Brazil and Indonesia, who have started offering their produce at cheaper rates.
September and October contracts on the NMCE fell last week by Rs 476 and Rs 700 a quintal, respectively to Rs 43,724 and Rs 44,200.
Total open interest moved up by 20 tonnes to 60 tonnes. Total turnover dropped by four tonnes to 23 tonnes.
Spot prices also dropped by Rs 200 to close at Rs 40,300 (ungarbled) and Rs 42,300 (garbled).
Indian parity in the international market moved up marginally following the strengthening of the rupee at the weekend to around $7,000 a tonne (c&f) Europe at $7,250 a tonne (c&f) USA.
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