Pepper prices drifted lower further by 3.26 per cent to close at Rs 45,700 per quintal in futures market today as speculators engaged in reducing their 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 the current month plunged by Rs 1,540, or 3.26 per cent, to close at Rs 45,700 per quintal with an open interest of 77 lots.
Similarly, the spice for delivery in October traded lower by Rs 45, or 0.10 per cent, to end at Rs 45,190 per quintal in 57 lots.
Market analysts said offloading of positions by participants due to sluggish 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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