Pepper futures declines 0.88% on weak export demand

NEW DELHI: Pepper futures prices today shed Rs 335, or 0.88 per cent, to Rs 37,850 per quintal, as speculators reduced their holdings on the back of a weak export demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in May declined by Rs 335, or 0.88 per cent, to Rs 37,850 per quintal, with an open interest of 4,049 lots.

The spice for delivery in June lost Rs 340, or 0.88 per cent, to Rs 38,450 per quintal in 1,466 lots.

Analysts said speculators offloaded their positions due to weak export demand as prices of Indian products are higher compared to competitors in the international market, which put pressure on the pepper prices at futures trade here.

They said, however, a firming trend in spot markets on thin arrivals and depleting stocks capped the losses.