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Pepper prices plunged by Rs 385 to Rs 39,890 per quintal in futures trade on Wednesday after speculators reduced their positions amid weak export demand.
At the National Commodity and Derivatives Exchange, pepper for delivery in July fell sharply by Rs 385, or 0.96 per cent, to Rs 39,890 per quintal, with an open interest of 2,205 lots.
Similarly, the spice for delivery in June traded lower by Rs 380, or 0.95 per cent, to Rs 39,480 per quintal in 3,886 lots.
Analysts said weak export demand as Indian product prices are higher than its rivals such as Brazil and Indonesia in the overseas markets mainly put pressure on the pepper futures prices here but tight supplies limited the losses.
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