Pepper extends gains on rising demand

Supported by a firming trend at spot market on rising demand, pepper prices extended gains for the second straight day by adding Rs 235 to Rs 32,700 per quintal in futures trade today.

Trading sentiment further strengthened on estimates of lower output this season.

At the National Commodity and Derivatives Exchange, the April contract for pepper rose by Rs 235, or 0.72%, to Rs 32,700 per quintal, with an open interest of 1,387 lots.

The March contract moved up by Rs 155, or 0.48%, to Rs 32,245 per quintal, with an open interest of 5,036 lots.

Analysts said rising demand in the spot market and reports of lower output estimates led to the rise in pepper prices at futures trade.