Pepper prices drifted lower by Rs 245 or 0.52 per cent to close at Rs 46,500 per quintal in futures market today as speculators trimmed their positions, tracking subdued demand at the spot market.
Besides, higher supplies at the physical markets from major growing regions also weighed on prices.
At the National Commodity and Derivatives Exchange, pepper for delivery in October declined Rs 245, or 0.52 per cent, to close at Rs 46,500 per quintal, with an open interest of 12 lots.
Similarly, the spice for delivery in September lost Rs 135, or 0.29 per cent, to end at Rs 47,000 per quintal in 149 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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