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Pepper futures dropped lower on profit-booking by traders on Tuesday.
Pepper futures have been volatile in the last couple of sessions and traders have come under selling pressure.
Prices are ruling around Rs 45,000 for a quintal on supply shortages and exports.Production of the new crop is feared to be on the lower side due to deficient rains in the growing areas.
Pepper for August delivery dropped by Rs 610 to Rs 44,995 a quintal, while September delivery was down Rs 460 at Rs 43,695 a quintal.The October contract was quoting lower by Rs 370 at Rs 43,950, while the November contract was down by Rs 365 at Rs 44,260 a quintal.
The drop in the near month futures has been sharper since the expiry date is nearing.The August contract expires on August 17. This has lead to panic selling by traders wanting to square their positions.
Spot Kochi was quoted at Rs 42,905.25 a quintal.
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