Pepper sheds 0.71% on sluggish demand

Pepper prices declined by 0.71% to Rs 32,310 per quintal in futures trading today as speculators reduced their positions amid a weak trend at spot markets due to sluggish demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in February fell by Rs 230, or 0.71% to Rs 32,310 per quintal, with an open interest of 6,189 lots.

The March contract shed Rs 120, or 0.37%, to Rs 32,450 per quintal, with a business volume of 1,634 lots.

Analysts said speculators offloaded their positions on the back of a weak trend at spot market on subdued demand, which mainly pulled down pepper prices at futures trade.