Kochi: Pepper futures market witnessed sharp fall on Wednesday following the exchange’s decision to introduce new outbound tolerance limits for pepper with immediate effect.
As a result, there were no takers for November. Confidence in the exchange has been shattered, market sources told Business Line.
November contract on NCDEX matured on Wednesday and 540 tonnes of the commodity were delivered.
December contract fell by Rs 484 a quintal to Rs 13,515 from Rs 13,999. The fall in other contracts was from Rs 481 to Rs 549 a quintal.
On NMCE, December contract fell by Rs 504 a quintal to Rs 13,490. The drop in other contracts was from Rs 68 to Rs 572 a quintal.
Total turnover on NCDEX dropped by 338 tonnes to 13,543 tonnes, and that for December dropped by 40 per cent. January contract went up by 51 per cent.
On NMCE, total turnover moved up by 239 tonnes to 1,409 tonnes.
Total open interest on NCDEX increased by 797 tonnes to 20,632 tonnes. December position dropped by 43 per cent, while January moved up by 41 per cent.
On NMCE, total open interest went up by 61 tonnes to 1,885 tonnes.
Spot prices in tandem with the futures market trend fell by Rs 300 a quintal on Wednesday to close at Rs 12,900 (un-garbled) and Rs 13,500 (MG 1).
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