Pepper futures down on sluggish export demand

Pepper futures prices today fell by Rs 505 to Rs 36,950 per quintal, as speculators reduced their holdings amid weak cues from the spot markets on sluggish export demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in May declined by Rs 505, or 1.35% to Rs 36,950 per quintal, with an open interest of 1,863 lots.

The June contract lost Rs 515, or 1.34%, to Rs 37,600 per quintal in 1,863 lots.

Analysts said speculators offloaded their positions due to weak spot and export demand as prices of Indian product are higher in the international market, mainly kept pressure on the pepper prices at futures trade here