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Pepper futures on the National Commodities and Derivatives Exchange Ltd (NCDEX) closed lower by Rs 120 at Rs 41,115 a quintal on Wednesday. This was largely due to profit-booking after recent rise in prices.
However, the drop in supply in the last few days may lead to a reversal in trend and the prices may gain in coming days, traders expect.
Export demand still remains low due to price disparity. The volatility in rupee value against dollar has also taken a toll on exports. This has led to pepper from Vietnam quoting cheaper than India.
Indian prices for Asta grade were quoted at $7,250 a tonne (FOB), while that of Vietnam were sold at $6,800 a tonne.
Production has been falling in the last three years and is expected to drop further next year. The country produced 43,000 tonnes of pepper last year.
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