Muted demand drags down pepper futures by 3 pc

Pepper prices dropped by 3 per cent to Rs 37,830 per quintal in futures trading today as speculators reduced exposure, taking negative cues from spot market on fall in demand.
Besides, adequate stocks position on increased supplies from growing regions, put pressure on pepper prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in November plunged by Rs 1,170, or 3 per cent to Rs 37,830 per quintal with an open interest of 1 lot.
Likewise, the spice for delivery in December traded lower by Rs 1,200, or 2.93 per cent, to Rs 39,800 per quintal in 3 lots.

Market analysts said offloading of positions by traders, driven by fall in demand in the physical market against adequate stock position on increased supplies, mainly pulled down pepper prices at futures trade.