Pepper futures decline over 1% on higher output hopes

NEW DELHI: Pepper prices declined by Rs 390 or 1.02 per cent to Rs 37,965 per quintal in futures trade today as traders reduced positions driven by weak export demand and estimates of higher output.

At the National Commodity and Derivatives Exchange, pepper for delivery in December fell by Rs 390, or 1.02 per cent, to Rs 37,965 per quintal, with an open interest of 6,244 lots.

Similarly, the spice for delivery in far-month February lost Rs 200, or 0.57 per cent, to Rs 34,890 per quintal, with an open interest of 1,325 lots.

Marketmen attributed the fall in pepper futures to a weak overseas demand and estimates of higher output this year after rains picked up in Kerala and Karnataka, the top two producing states.