Pepper moves down on profit-booking

Weak export demand also pulled prices lower

Pepper prices moved down by Rs 455 to Rs 39,750 per quintal in futures market today as speculators booked profits at prevailing higher levels, driven by subdued export demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in July fell by Rs 455, or 1.13%, to Rs 39,750 per quintal, with an open interest of 3,279 lots.

Likewise, the spice for delivery in June moved down by Rs 300, or 0.75%, to Rs 39,700 per quintal, with an open interest of 717 lots.

Analysts said speculators booked profits at prevailing higher levels driven by a weak export demand, which mainly kept pressure on pepper futures.