Pepper futures tumble on sluggish demand

Pepper prices plunged by Rs 515 to Rs 31,235 per quintal in futures trade today, due to sluggish demand in the spot market amid fresh arrivals from producing region.

However, estimates of lower output for 2012 restricted the losses.

At the National Commodity and Derivatives Exchange, pepper for delivery in March plunged by Rs 515, or 1.62%, to Rs 31,235 per quintal, with an open interest of 798 lots.

Likewise, the spice for delivery in January lost Rs 380, or 1.22%, to Rs 30,770 per quintal, with a trade volume of 5,893 lots.

Analysts said apart from sluggish domestic as well as overseas demand in the spot market, fresh arrivals from producing region mainly pulled down pepper futures prices.