Pepper futures rise 2.31 pc on spot demand

Pepper prices rose further by Rs 1,020 or 2.31 per cent to close at Rs 45,210 per quintal in futures market today as speculators enlarged positions on the back of rising demand in the spot market.
Besides, tight stocks position following drop in arrivals from producing belts fuelled the uptrend.
At the National Commodity and Derivatives Exchange, pepper for delivery in current month rose by Rs 1,020, or 2.31 per cent, to close at Rs 45,210 per quintal with a trading volume of 17 lots.
Similarly, the November delivery of the spice increased by Rs 25, or 0.06 per cent, to end at Rs 44,060 per quintal in an open interest of 42 lots.

Traders said widening of positions built up by participants amid pick-up in domestic as well as export demand in the physical market mainly led to the sharp rise in pepper prices at futures trade.