Pepper prices drifted lower by Rs 540, or 1.12 per cent, to close at Rs 47,600 per quintal in futures market today as speculators trimmed positions, tracking subdued demand at the spot market.
Besides, higher supplies at the physical markets from major growing regions, weighed on prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in October declined Rs 540, or 1.12 per cent, to close at Rs 47,600 per quintal, with an open interest of 58 lots.
Similarly, the spice for delivery in the current month lost Rs 300, or 0.61 per cent, to end at Rs 48,750 per quintal in 138 lots.
Market analysts said offloading of positions by traders, triggered by fall in demand at the domestic spot markets against adequate stock position on increased supplies, mainly kept pressure on pepper prices in futures trade.
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