Pepper futures down 0.47% on weak export demand

Pepper futures prices fell by 0.47 per cent to Rs 22,680 per quintal today after speculators reduced their positions, triggered by weak export demand.   

At the National Commodity and Derivatives Exchange, pepper for delivery in April fell by Rs 106, or 0.47 per cent, to Rs 22,680 per quintal, with an open interest of 4,695 lots. 

Similarly, the spice for delivery in March moved down by Rs 104, or 0.46 per cent, to Rs 22,316 per quintal, clocking an open interest of 7,916 lots.

The spice ended 0.70 per cent lower at Rs 22,421 per quintal in the previous session.

Analysts said weak export demand due to higher prices of Indian products in the overseas market as compared to other exporting countries, mainly kept pressure on the pepper futures prices here.   

Meanwhile, India's pepper exports in April-January fell by 7 per cent on year to 15,700 tonnes.