Pepper sheds 0.18% on profit-booking

Buzz of higher output in chief growing areas also propels sell off

Pepper prices declined by Rs 65 to Rs 35,160 per quintal in futures trade today as traders booked profits after yesterday's gains amid expectations of higher output this year.

At the National Commodity and Derivatives Exchange, pepper for delivery in February fell by Rs 65, or 0.18 per cent, to Rs 35,160 per quintal, with an open interest of 1,261 lots.

The December contract lost Rs 65, or 0.17 per cent, to Rs 38,050 per quintal, with an open interest of 6,559 lots.    

Marketmen attributed the fall in pepper futures to profit-booking by speculators after yesterday's rise and expectations of higher output this year after rains picked up in Karnataka and Kerala, the top two producers.