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Pepper market on Tuesday slipped on bearish activities after remaining highly volatile but with limited activities.
There was no selling pressure for ready pepper. Very few sellers were showing interest to sell but on a cash-and-carry basis.
Those who wanted cash were only selling very small quantities. In general, sellers were demanding Rs 400 a kg, trade sources here told Business Line.
Activities, as it appears, might pick up only from early April, they said. Turnover has dropped sharply while the open interest was thin, they said.
April contract on the NCDEX dropped by Rs 715 to the last traded price of Rs 41,400 a quintal. May and June were down by Rs 710 and Rs 605, respectively, to the last traded price of Rs 42,300 and Rs 42,790 a quintal.
Total turnover
Total turnover fell by 3,180 tonnes to close at 4,207 tonnes. Total open interest moved up by 20 tonnes to 8,784 tonnes and yet the market was down. April and May open interests moved up by 6 tonnes and 20 tonnes, respectively, to close at 5,738 tonnes and 2,663 tonnes. June declined by three tonnes to 265 tonnes.
Spot prices in tandem with the futures market trend and not on any selling pressure dropped by Rs 500 to close at Rs 38,500 (ungarbled) and Rs 40,000 (MG 1) a quintal.
Indian parity in the international market was at $8,500 a tonne (c&f) for Europe and $8,800 a tonne (c&f) for the US
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