The pepper market turned hot on Friday on reports of good trading of substantial quantities and a firmer trend in other origins.
The market remained volatile with an upward bias throughout the day, and all three active contracts touched the highest price of the day during the closing session. Then it slipped but ended above the previous day’s closing. Good quantities of spot pepper were traded out of investors’ hands, and were covered by leading exporters, inter-State dealers and dealers from the primary markets. Farm grade, validity expired and valid stocks, all held by investors, were sold at February trading price during the course of the day in the last few days, market sources said.
“The reaction of this phenomenon has reflected on the prices today,” they told Business Line. Non arrival of fresh pepper despite harvest being in full swing has aided the bullish trend.
February contract on the NCDEX shot up by Rs 795 to Rs 30,295 a quintal.