Pepper tumbles 0.89% on higher supply hopes

Pepper prices fell by 0.89% to Rs 38,850 per quintal in futures trade today as speculators trimmed their positions on hopes of rise in supplies and sluggish export demand.

At the National Commodity and Derivatives Exchange, the December contract plunged by Rs 350, or 0.89% to Rs 38,850 per quintal with an open interest of 350 lots.

The February contract lost Rs 145, or 0.42% to Rs 34,355 per quintal in 2,259 lots.

Marketmen attributed the fall in pepper futures to expectations that the supply expected to pick up in coming month and profit-booking by speculators.

Besides, subdued export demand also weighed on pepper futures prices, they said.