Upsurge in demand lifts pepper futures by 1.06%

Pepper prices surged by 1.06 per cent to Rs 48,175 per quintal in futures market today as speculators built up fresh positions, driven by pick up in demand in the spot market.
Besides, tight stocks position on fall in arrivals from producing belts, fuelled the uptrend.
At the Multi Commodity Exchange (MCX), pepper for delivery in October rose by Rs 505, or 1.06 per cent, to Rs 48,175 per quintal, with an open interest of 57 lots.
Likewise, the spice for delivery in September was trading higher by Rs 500, or 1.05 per cent, to Rs 48,325 per quintal in 172 lots.

Traders said fresh positions created by participants following pick up in domestic as well as export demand in the physical market mainly pushed up pepper prices at futures trade.