Pepper falls on lower global demand

Pepper prices fell by Rs 241, or 1.14 per cent, to Rs 21,085 per 100 kg in futures trade today, as traders booked profits on the recent rally and on a drop in overseas demand.

Subdued demand in the domestic market also weighed on the prices.

At the National Commodity and Derivatives Exchange counter, pepper for August contract fell by Rs 241, or 1.14 per cent, to Rs 21,085 per 100 kg, with an open interest of 12,638 lots.

Similarly, the pepper for delivery in September moved down by Rs 203, or 0.94 per cent, to Rs 21,365 per 100 kg, with an open interest of 6,363 lots, while October contract declined by Rs 168, or 0.77 per cent, to Rs 21,589 per 100 kg, with a business volume of 1,143 lots.

The fall in pepper prices was due to speculators and traders, who booked profits on the recently rally, against subdued demand in domestic and overseas markets, and led to a fall in pepper futures prices.