Pepper futures fall on profit taking

Pepper futures prices dropped sharply by Rs 453 per quintal today, as speculators booked profits at prevailing higher levels, driven by sluggish demand in the spot market.

At the National Commodity and Derivatives counter, pepper for delivery in January contract dropped by Rs 453, or 2.01 per cent to Rs 22,100 per quintal, with an open interest of 489 lots.

Similarly, the spice for delivery in November contract fell by Rs 132, or 0.61 per cent to Rs 21,441 per quintal, with a trade volume of 5,465 lots.

Marketmen said besides profit taking by speculators, subdued demand in the spot market led to fall in pepper futures prices.