Pepper futures surge on depleting stocks

Buoyed by the depleting stocks and lower availability of pepper from producing countries, its futures prices shot up by 1.49 per cent today.

However, weakness in export demand, capped the gains.

At the National Commodity and Derivatives Exchange, pepper for delivery in June shot up by Rs 359, or 1.49 per cent, to Rs 4,450 per quintal, with an open interest of 97 lots.

The spice for delivery in March also gained Rs 284, or 1.21 per cent, to Rs 23,783 per quintal, with an open interest of 9,361 lots.

Market analysts attributed the significant rise in pepper futures prices to falling stocks and thin supplies from major producing regions.