Pepper prices plunged by Rs 1,075 or 2.46 per cent to close at Rs 42,600 per quintal in futures market today as speculators engaged in reducing positions on the back of subdued demand in spot market.
Moreover, ample stocks position on increased supplies from major growing regions, weighed on prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in November plunged by Rs 1,075, or 2.46 per cent, to close at Rs 42,600 per quintal with an open interest of 15 lots.
Similarly, the spice for delivery in October traded lower by Rs 510, or 1.16 per cent, to finish at Rs 43,570 per quintal in 79 lots.
Market analysts said, offloading of positions by participants due to subdued demand in the physical market against adequate stocks position on increased supplies from producing belts, mainly kept pepper prices lower at futures trade.
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