Pepper prices fell slightly on Wednesday, April 3, after concerted efforts to force buyers to switch to the May contract as there appeared to be no stock for delivery.
It is possible that the May contract fell Rs 710 to Rs 35,440 per quintal, while the April contract fell Rs 425 to Rs 35,505 a quintal from a peak of Rs 35,930 per quintal in the early morning session.
On the spot, 27 tons of fresh pepper were brought in and 25 tons were traded.
The April contract on NCDEX dropped Rs 10 to close at Rs 35,655 per quintal (equivalent to $6,556 per tonne) while the May contract fell Rs 75 to Rs 35,680 per quintal (equivalent to $6,561 per ton).
Total sales increased 634 tons to close at 1,397 tons. Total open interest increased by 12 tons to 2,236 tons.
April open interest fell 120 tonnes to close at 1008 tonnes while May open interest rose 132 tonnes to 1228 tonnes indicating a conversion trade.
Spot prices were unchanged, in line with demand and supply amid limited activity, at Rs 34,700/quintal ($6,380/ton) for bucket pepper and Rs 36,200/quintal ($6,656). /ton) for MG 1 selected pepper. And traded on NCDEX, the spot price stood at Rs 36,445/quintal (equivalent to USD 6,701/ton).
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