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The pepper market on Thursday dropped on bearish sentiments. The first two active contracts dropped and ended below the previous closing.
There was an utter confusion prevailing in the market, sources said.
There was not much activity on the spot as the State was observing a ‘hartal’. August contract on the NCDEX decreased by Rs 430 a quintal to the last traded price (LTP) of Rs 43,525 a quintal. September dropped by Rs 210 to the LTP of Rs 43,570 a quintal while October moved up by Rs 20 a quintal to the LTP of Rs 43,935 a quintal.
Turnover
Total turnover fell by 8,051 tonnes to close at 3,073 tonnes showing limited activities. Total open interest also decreased by 119 tonnes to close at 7,552 tonnes showing plain liquidation, they said.
August open interest decreased by 255 tonnes while that of September and October moved up by 172 tonnes and 3 tonnes respectively to close at 3,316 tonnes and 567 tonnes, showing liquidation and switching over.
Spot prices notionally reduced in tandem with the futures market trend by Rs 300 a quintal to close at Rs 40,500 (ungarbled) and Rs 42,000 (garbled) a quintal.
Indian parity in the international market was at around $8,100 a tonne (c&f) Europe and $8,400 a tonne (c&f) USA.
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