Pepper falls 1.6% on profit-booking

Sluggish demand influences prices

Pepper prices fell by Rs 700 to Rs 42,300 per quintal in futures trade today as speculators booked profits at prevailing higher levels, driven by a weak spot market trend on sluggish demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in November fell by Rs 700, or 1.63%, to Rs 42,300 per quintal, with an open interest of 708 lots.

October pepper moved down by Rs 630, or 1.46%, to Rs 42,660 per quintal, with an open interest of 5,510 lots.

Marketmen said profit-booking by speculators at prevailing higher levels amid sluggish demand in the spot market kept pressure on pepper prices at futures trade.