Muted demand drags down pepper futures by 2.56 pc

Pepper prices dropped by 2.56 per cent to Rs 38,000 per quintal in futures market today as speculators trimmed positions amid tepid demand in the spot market.

Besides, ample stocks position on increased supplies from major growing regions weighed on prices.

At the National Commodity and Derivatives Exchange, pepper for delivery in December plunged by Rs 1,000, or 2.56 per cent, to Rs 38,000 per quintal with an open interest of 5 lots.

Market analysts said offloading of positions by participants owing to slackened demand in the physical market against adequate stocks position on increased supplies from producing belts, mainly weighed on pepper prices at futures trade.