Pepper prices rose by Rs 1,050 or 2.44 per cent to close at Rs 44,150 per quintal in futures trade today as speculators enlarged positions on good demand in the spot market amid squeezed supply.
At the National Commodity and Derivatives Exchange, pepper for delivery in November contract rose by Rs 1,050, or 2.44 per cent, to close at Rs 44,150 per quintal with a trading volume of 36 lots.
Similarly, the current month delivery of the spice increased by Rs 420, or 0.96 per cent, to end at Rs 44,050 per quintal, in an open interest of 25 lots.
Traders said widening of positions built up by participants amid rising domestic as well as export demand in the physical market following a drop in arrivals from producing belts, mainly led to the sharp rise in pepper prices in futures trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)