Pepper futures today fell sharply by over 1% to Rs 39,700 per quintal after speculators reduced their positions amid weak export and domestic demand.
At the National Commodity and Derivatives Exchange, pepper for delivery in June fell by Rs 420, or 1.05%, to Rs 39,700 per quintal, with an open interest of 1,793 lots.
The July contract traded lower by Rs 375, or 0.94%, to Rs 39,550 per quintal in 3,157 lots.
Analysts said weak export demand as prices have come down in global markets as Vietnam and Indonesia, the world's top two producers, have lowered their product prices, mainly kept pressure on pepper prices at futures trade.