Pepper prices shot up by Rs 470 or 1.06 per cent to close at Rs 45,000 per quintal in futures trade today as speculators built up fresh positions, taking positive cues from the spot market on pick up in demand.
Besides, tight stocks position on fall in arrivals from the producing regions fuelled the uptrend.
At the National Commodity and Derivatives Exchange, pepper for delivery in current month rose by Rs 470, or 1.06 per cent, to close at Rs 45,000 per quintal with a trading volume of 16 lots.
Similarly, the November month delivery of the spice increased by Rs 110, or 0.25 per cent, to end at Rs 44,095 per quintal in an open interest of 23 lots.
Traders said fresh positions created by participants amid pick up in domestic as well as export demand in the physical market mainly pushed up pepper prices at futures trade.