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Pepper market dropped on Tuesday on reports of imposition of export duty on pepper in the Finance Bill and bearish activity.
However, the trade and the growers expressed appreciation for the Kerala Finance Minister, Dr Thomas Issac, on his getting the Centre to come out with a notification nullifying the relevant portion in the Finance Bill.
Investors were buying while speculators were liquidating. The market dropped, despite additional buying in April contracts. The bears were in the driving seat, pulling down the market, sources told Business Line .
March contract on NCDEX dropped by Rs 134 and closed at Rs 22,400 a quintal. April declined by Rs 19 to close at Rs 22,740 a quintal while May moved up by Rs 34 to close at Rs 23,014 a quintal.
Total turnover increased by 5,749 tonnes to close at 12,080 tonnes. Total open interest increased by 477 tonnes to close at 12,986 tonnes indicating good additional purchases.
March open interest fell by 193 tonnes to close at 8,672 tonnes. April and May open interest increased by 617 tonnes and 50 tonnes to close at 3,600 tonnes and 503 tonnes.
Spot prices fell in tandem with the futures market trend by Rs 100 a quintal to close at Rs 21,900 (ungarbled) and Rs 22,700 (MG 1).
Indian parity in the international market remained at $5,225-5,250 a tonne (c&f).
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