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Pepper on Tuesday witnessed a mixed trend with marginal rise and decline in contracts with limited activities on bearish propaganda.
Consequently, there was liquidation and switching over. Bearish reports were being spread by propagating that Indonesia would return to the market after the Id-ul-fitr holidays with large quantities of pepper while Brazil would also be selling cheaper. Bear operators succeeded in pulling the market slightly down today. They were allegedly working for some of the Europeans who wanted to cover.
September and October contracts on the NCDEX declined by Rs 58 and Rs 53, respectively, to close at Rs 33,372 and Rs 30,451 a quintal. Nov moved up Rs 11 to close at Rs 34,535 a quintal. Total turnover fell by 1,167 tonnes to 6,245 tonnes. Total open interest declined by 62 tonnes to 11,724.
September open interest dropped by 263 tonnes while that of October and November increased by 167 tonnes and 33 tonnes, respectively, to 4,283 tonnes and 385 tonnes.
Spot prices ruled steady on limited activities at previous levels of Rs 30,500 (ungarbled) and Rs 31,500 (MG1) a quintal.
Indian parity in the international market was at $7,550 a tonne.
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