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Pepper futures, after usual high volatility, from the tug-of-war between the bull and bear operators, moved up in the closing session.
The market went up on the money and muscle power of the operators who were pushing it up and pulling it down without any fundamental reason, market sources told Business Line .
In that process, the small and medium players are wiped out, they alleged. In fact, those who are playing with 200 to 500 tonnes have no voice in the market these days. Besides, they alleged that inside information is leaking out through some channels based on which the operators are running the market. Section of exporters are said to have commitments to be fulfilled during June/July and the operators allegedly smelling it pushed the market up.
In the spot market, there was some selling pressure from the plains due to the opening of schools and that kept the spot prices steady at previous levels, they said.
June contract on the NCDEX increased by Rs 314 to close at Rs 29,181 a quintal. July and August moved up by Rs 105 and Rs 172, respectively, to close at Rs 28,855 and Rs 28,928 a quintal.
June open interest dropped by 417 tonnes to 10,986 tonnes, while that of July and August went up by 421 tonnes and 29 tonnes, respectively, to close at 2,577 tonnes and 712 tonnes.
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