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Pepper down 0.95% on profit-booking, subdued exports

Press Trust of India/New Delhi 21 Aug 12 | 02:17 PM

Pepper prices declined further by 0.95% to Rs 42,365 per quintal in futures trade today as speculators engaged in booking profits amid subdued export demand at prevailing prices.

At the National Commodity and Derivatives Exchange, pepper for delivery in October fell by Rs 405, or 0.95%, to Rs 42,365 per quintal, with an open interest of 1,708 lots.

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September pepper lost Rs 310, or 0.73%, to Rs 42,020 per quintal, with an open interest of 5,348 lots.

Marketmen said continued profit-booking by speculators after recent gains and reports of lower exports led to the fall in pepper futures prices.

The Indian product failed to find buyers at current levels in overseas markets.

Thin supplies in the market and deficient rains in key growing regions, which could hurt output, capped losses, they said.

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