Pepper declines over 1% on higher output hopes

Pepper prices declined by Rs 390 or 1.02% to Rs 37,965 per quintal in futures trade today as traders reduced positions driven by weak export demand and estimates of higher output.

At the National Commodity and Derivatives Exchange, the December contract fell by Rs 390, or 1.02%, to Rs 37,965 per quintal, with an open interest of 6,244 lots.

The February contract lost Rs 200, or 0.57%, to Rs 34,890 per quintal, with an open interest of 1,325 lots.

Marketmen attributed the fall in pepper futures to a weak overseas demand and estimates of higher output this year after rains picked up in Kerala and Karnataka, the top two producing states.