Pepper futures soar 1.11 pc on good spot demand

Pepper prices rose further by 1.11 per cent to Rs 47,695 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 Multi Commodity Exchange (MCX), pepper for delivery in October rose by Rs 525, or 1.11 per cent, to close at Rs 47,695 per quintal with a trading volume of just one lot.
The contract for September was trading at Rs 48,160 per quintal, up by Rs 260, or 0.54 per cent, with a business volume of 136 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.