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The pepper market continued its upward trend on bullish activities and all the active contracts ended above the previous day's closing on Wednesday.
Overall open interest has moved up marginally while the total turn over decreased following a drop in activities.
The staggered delivery is seems to have helped small and medium players who could sell further new quantities. Those who were trying to squeeze the market appear to have failed, as the staggered delivery system believed to have torpedoed their efforts, market sources told Business Line .
On the spot around 33 tonnes of farm grade pepper arrived that that were traded at Rs 407, 412 and 415 a kg depending upon the quality, grade and area of production.
Oct contract on the NCDEX increased by Rs 295 to the last traded price of Rs 43,980 a quintal. Nov and Dec contracts went up by Rs210 and Rs 295 respectively to the LTP of Rs 43,805 and Rs 43,100 a quintal.
Turnover
Total turnover decreased from 1,534 tonnes to close at 1,085 tonnes.
Total open interest increased by 74 tonnes to 7,324 tonnes. Oct open interest fell by 186 tonnes to 1,999 tonnes showing liquidation while Nov and Dec increased by 176 tonnes and 81 tonnes respectively to 3,994 tonnes and 81 tonnes showing some additional buying.
Spot prices in tandem with the futures market trend increased by Rs200 to close at Rs40,400 (ungarbled) and Rs41,900 (garbled) a quintal.
Indian parity in the international market was at $8,500 a tonne (c&f) despite increase in the futures market due to weakening of the rupee against the dollar, they said.
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