Pepper down 0.28% on profit-booking

Thin supplies, deficient rains cap losses

Pepper prices declined by 0.28% to Rs 42,650 per quintal in futures trade today as participants booked profits amid subdued demand for the Indian produce in the overseas markets.

At the National Commodity and Derivatives Exchange, pepper for delivery in October fell by Rs 120, or 0.28%, to Rs 42,650 per quintal, with an open interest of 3,357 lots.

September pepper lost Rs 85, or 0.20%, to Rs 41,450 per quintal, with an open interest of 3,355 lots.

Marketmen said profit-booking by speculators after recent gains and reports of lower exports as Indian products are offered at a premium, led to the fall in pepper futures prices.

 

They, however, added thin supplies in the spot market and deficient rains in key growing regions, capped losses.