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The pepper market dropped sharply despite good covering. The market opened and traded with high volatility and moved up sharply in the mid-opening session and continued to climb till 4.25 pm, when the active contracts fell to the lower circuit levels and ended much below the previous day's closing.
The government wants the prices to be kept down and for which unrealistic margins and staggered delivery have been introduced, the trade alleged.
They attributed these factors for the fall. Bearish reports from overseas also aided the price fall. Not much arrivals were there from the primary markets.
May contract on the NCDEX fell sharply by Rs 885 to the last traded price (LTP) of Rs 36,485 a quintal. June and July contracts dropped by Rs 640 and Rs 835 to the LTP of Rs 37,580 and Rs 38,200 a quintal.
Turnover
Total turnover increased by 882 tonnes to 4,752 tonnes. Total open interest increased by 309 tonnes to 5,902 tonnes showing good additional coverage.
May open interest dropped by 446 tonnes to 2,045 tonnes. June and July increased by732 tonnes and 19 tonnes respectively to 3658 tonnes and 158 tonnes.
Spot prices in tandem with the futures market trend fell by Rs 500 to close at Rs36,200 (ungarbled) and Rs37,700 (MG 1) a quintal.
Indian parity in the international market was at $7,150 a tonne (c&f) for Europe and $7,450 a tonne (c&f) for the USA and remained competitive and fell in line with others.
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