Pepper rises further on bullish sentiments

Our Bureau Kochi | Updated on February 11, 2011

A file picture of pepper being dried.   -  Business Line

Pepper futures on Thursday moved up further on bullish sentiments created by buying support from exporters and inter-State dealers.

Investors continued to liquidate and buy back their sales. Shrinking of 'badla' following narrowing down of the difference between February and March prices and the tightening of loose ends at the exchange warehouse aided the bulls to push the market up, despite concerted efforts by the bear operators pull it down. The bulls, currently occupying the driving seat, are seem to be trying to make the February delivery firm so as to bring it below March, trade sources said. According to them, the national level operators were having some upper hand. From Monday onwards, additional margin of three per cent will come into force on buy and sell position holders, they said.

The market opened bearish in the morning and February price dropped to the lowest level of Rs 22,850 from Rs 23,368 a quintal while March fell to Rs 23,125 from Rs 23,585.

Published on February 10, 2011

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