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Pepper futures fell sharply on Wednesday on bearish activities and consequent liquidation.
Validity expired stocks and farm grade pepper were being offered at Rs 6 below the March delivery price. But, there were no takers apprehending the quality to be inferior. Added to this, bears were spreading the message that 2,500 tonnes of pepper of which delivery was taken would enter the market in March itself and that would change the market scenario with a selling pressure. All these propagandas have pulled down the market sharply contrary to the market fundamentals, market sources told Business Line . The market is controlled by operators who are pushing it up and pulling it down according to their “whims and fancies”, they said.
Arrivals continued to remain thin and there was no selling pressure also and yet the market dropped, they said. March contract on the NCDEX fell sharply by Rs 702 to Rs 22,897 a quintal. April and May dropped by Rs 727 and Rs 744 respectively to Rs 23,046 and Rs 23,305.
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