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Pepper market on Monday hit the double ceiling on buying support and reports of a firm Vietnam market.
All the contracts shot up in the futures market. Spot prices also shot up and hit record high levels, trade sources said.
Some long position holders were liquidating May and buying June, while others were buying May and selling June. Activities were hectic and as a result, turnover increased four-fold from that of Saturday, market sources told Business Line . Good buying support was seen, they said.
Everywhere there was a supply squeeze and that was exploited by speculators who were pushing up the futures market, they said. May contract on the NCDEX shot up by Rs1,143 to close at Rs 29,714 a quintal. June and July increased by Rs 1,152 and Rs 1,162 respectively to close at Rs 29,928 and Rs 30,350 a quintal.
Total turnover increased four-fold by 20,728 tonnes to close at 26,041 tonnes. May open interest dropped by 154 tonnes to 7,280 tonnes, while that of June and July soared by 1,967 tonnes and 453 tonnes respectively to close at 11,969 tonnes and 1,374 tonnes.
Spot prices in tandem with the futures market trend and supply constraints shot up by Rs 600 to close at Rs 27,700 (ungarbled) and Rs 28,500 (MG 1) a quintal.
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