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Pepper market on Friday was double floored on bearish activities and circular trading even though there was no liquidation/selling pressure.
Bear operators were selling heavily but that was bought by many people. Anticipating that Europe and the US markets would remain closed for the Christmas and New Year holidays, the bear operators were selling. Meanwhile, there were reportedly concerted efforts by operators in Free Trade Zones abroad to pull down the futures market, trade sources told Business Line .
Jan contract, on the NCDEX, fell sharply by Rs 1,450 to close at Rs 34,915 a quintal. February and March decreased by Rs 1,415 and Rs 1,385, respectively, to close at Rs 33,965 and Rs 33,340 a quintal.
Total turnover increased by 399 tonnes to 7,619 tonnes. Total open interest went up by 728 tonnes to close at 8,836 tonnes.
January open interest increased by 354 tonnes to 7,163 tonnes, while February and March moved up by 287 tonnes and 52 tonnes, respectively, to close at 1,057 tonnes and 401 tonnes.
Spot prices in tandem with the futures market trend fell by Rs 500 to close at Rs 33,800 (ungarbled) and Rs 35,300 (MG 1) a quintal despite no selling pressure, they said.
Indian parity in the international market fell to $6,900 a tonne (c&f) Europe and $7,200 a tonne (c&f) for the US following the sharp fall in the futures prices.
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