Pepper prices tumbled by 2.43 per cent to Rs 47,950 per quintal in futures trading today as speculators engaged in trimming their positions, driven by tepid demand in the spot market.
Besides, ample stocks position on increased supplies from major growing regions also weighed on prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in September plunged by Rs 1,195, or 2.43 per cent, to Rs 47,950 per quintal, with an open interest of 231 lots.
Similarly, the spice for delivery in October traded lower by Rs 165, or 0.34 per cent, to Rs 47,800 per quintal in 40 lots.
Market analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position on increased arrivals from producing belts, mainly kept pepper prices down at futures trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)