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Bears pulled down the pepper market on Tuesday. The market remained volatile with prices moving up sharply when the market opened, then dropped sharply, and finally recovered to close slightly below the previous day's closing.
Bears claimed that 2,500 tonnes had been delivered, and it would face liquidation soon. The market fell despite additional buying on the exchange. Open interest gained by over 300 tonnes, market sources told Business Line .
March contract on the National Commodity and Derivatives Exchange declined Rs 97 to close at Rs 23,599 a quintal. April and May fell by Rs 134 and Rs 161 to close at Rs 23,773 and Rs 24,066 a quintal. Turn over rose 643 tonnes to close at 7,788 tonnes. Open interest increased by 317 tonnes to close at 12,557 tonnes. March and April open interest moved up by 180 tonnes and 142 tonnes to close at 10,069 tonnes and 1,991 tonnes, while May declined by nine tonnes to 287 tonnes. Spot prices remained unchanged at Rs 22,500 (ungarbled) and Rs 23,300 (MG1) a quintal.
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