Pepper futures rises 0.40% on spot demand, tight supply

Pepper prices went up by Rs 77, or 0.40 per cent, to Rs 19,480 per 100 kg in futures trade today after speculators built up fresh positions driven by increased buying at lower levels supported by a squeeze in supplies.

At the National Commodity and Derivatives Exchange (NCDEX) platform, pepper for delivery in September contract traded Rs 77 higher, or 0.40 per cent, at Rs 19,480 per 100 kg, with an open interest of 8,379 lots.

In a similar fashion, the spice for delivery in August contract also gained Rs 66, or 0.34 per cent, to Rs 19,264 per 100 kg, with an open interest of 8,125 lots.

It ended 0.37 per cent higher at Rs 19,198 per 100 kg in the previous session.

Marketmen said increased buying activity at the spot market driven by tight supplies as farmers held back their produce in anticipations of higher prices influenced pepper prices in futures trade here.