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Pepper futures on Wednesday fell on strong selling pressure and bearish activities. The market witnessed high volatility as usual.
More and more people were coming forward to sell from Wayanad, Idukki and the plains of Kerala. Investors, processors etc were selling futures and buying spot.
The market opened on a firm note and hit the highest price of the day in the opening session, and fell sharply in the same session itself hitting the lowest price of the day. Then it remained fluctuating with frequent ups and downs and ended much below the previous day's closing, market sources told Business Line .
August contract on the NCDEX fell by Rs 470 to close at Rs 29,208 a quintal. September and October dropped by Rs 442 and Rs 473, respectively, to close at Rs 29,782 and Rs 30,162 a quintal.
Total turnover
Total turnover increased by 5,163 tonnes to 11,172 tonnes. Total open interest declined by 100 tonnes to 14,642 tonnes.
Aug open interest dropped by 422 tonnes to 10,419 tonnes, while that of September and October moved up by 298 and 18 tonnes, respectively, to 3,151 tonnes and 855 tonnes. Spot prices fell by Rs 200 to close at Rs 27,800 (ungarbled) and Rs 28,800 (MG 1) a quintal.
The trade said it is unable to pass on the benefit of fall in the futures market because of strengthening of the rupees against the dollar.
Indian parity in the international market remained at previous level of $6,850-6,900 a tonne (c&f) despite sharp fall in the futures, they said.
Brazil was offering B Asta cheaper at $6,250-6,300 a tonne and B1 at $6,100-6,150 a tonne. However, it is reportedly showing upward trend, trade said. Indonesia was not active.
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