Bear speculators who had been spreading rumours that Vietnam pepper had dropped by $300-400 a tonne brought the market down. They got into the driving seat and pulled the prices down in an effort to hit back at the bulls who had been pushing the market up, market sources told Business Line . In fact, the prices are reported to have declined only by $50 a tonne, trade sources claimed.

As the futures market and spot prices are coming in line, some overseas business can be expected. But whether the dealers would sell or not is going to be question, they said.

May contract on the NCDEX fell by Rs 790 to close at Rs 28,160 a quintal. June and July also dropped sharply by Rs 1,026 and Rs 1,166 respectively to close at Rs 28,449 and Rs 28,842 a quintal.

Total turnover increased by 3,569 tonnes to close at 17,804 tonnes. Total open interest increased by 543 tonnes to 18,648 tonnes showing good additional purchases.

May open interest fell by 234 tonnes to 7,835 tonnes. June and July open interest increased by 773 tonnes and two tonnes respectively to 9,573 tonnes and 755 tonnes.

Spot prices in tandem with the futures market dropped by Rs 400 to close at Rs 26,900 (ungarbled) and Rs 27,700 (MG 1) a quintal.

Indian parity in the international market dropped to $6,650 a tonne (c&f) on fall in the futures market coupled with weakening of the rupee against the dollar. It remained in line with other origins. Vietnam has offered FAQ 500 gl at $5,650-5,700 a tonne while $550 GL at 5,950-6,000 a tonne (c&f), V Asta at $6,400 a tonne. Indonesia, which has limited stock, offered 550 GL asta at $6,900-7,000 a tonne (c&f).

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