Pepper down 0.8% on profit-booking

Reports of lower exports also fuel drop in futures prices, but deficient rains in key growing areas limits losses

Pepper prices declined by 0.80% to Rs 42,930 per quintal in futures trade today after speculators locked-in gains after recent gains amid lower exports.

However, thin supplies in the spot markets and subdued rains in major producing regions, which may hurt output, restricted the fall.

At the National Commodity and Derivatives Exchange, pepper for delivery in August fell sharply by Rs 345, or 0.80%, to Rs 42,930 per quintal, with an open interest of 5,239 lots.

September pepper lost Rs 350, or 0.80%, to Rs 43,300 per quintal, with an open interest of 953 lots.

Analysts said emergence of profit-booking by speculators after recent gains and reports of lower exports mainly led to a fall in pepper prices at futures trade.

 

However, deficient rains in key growing regions which could hurt output restricted the losses.