Pepper prices plunged by Rs 1,320 or 2.98 per cent to close at Rs 43,000 per quintal in futures market today as speculators engaged in reducing positions on the back of muted demand in the spot market. Besides, higher supplies at the physical markets from major growing regions weighed on prices. At the National Commodity and Derivatives Exchange, pepper for delivery in December declined Rs 1,320, or 2.98 per cent, to close at Rs 43,000 per quintal, with an open interest of just one lot. Similarly, the spice for delivery in the current month lost Rs 885, or 2.11 per cent, to end at Rs 41,005 per quintal in 19 lots. Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on pepper prices in futures trade.
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