Pepper futures decline on weak export demand

New Delhi, Feb 24 (PTI) Pepper futures prices fell by 1.75 per cent to Rs 23,600 per quintal today as speculators reduced their positions, triggered by weakening exports.

At the National Commodity and Derivatives Exchange, pepper for delivery in June fell by Rs 420, or 1.75 per cent, to Rs 23,600 per quintal, with an open interest of 101 lots.

Similarly, the spice for delivery in March moved down by Rs 147, or 0.64 per cent, to Rs 22,899 per quintal, clocking an open interest of 2,173 lots.

Analysts said weakening export demand due to higher prices of Indian produce as compared to other exporting countries and adequate supplies in the domestic spot markets mainly put pressure on the spice prices at futures trade.

(Source: http://in.news.yahoo.com/pepper-futures-decline-weak-export-demand-20110224-002300-163.html)