Pepper prices drifted lower by Rs 465, or 0.94 per cent, to close at Rs 48,750 per quintal in futures market today as speculators trimmed positions tracking subdued demand at the spot market.
Besides, higher supplies at the physical markets from major growing regions also weighed on prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in September declined by Rs 465, or 0.94 per cent, to close at Rs 48,750 per quintal, with an open interest of 168 lots.
Similarly, the spice for delivery in October lost Rs 65, or 0.13 per cent, to end at Rs 48,200 per quintal in 42 lots.
Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on pepper prices in futures trade.
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