Pepper futures extend gains on tight supply

Pepper futures prices rose further by Rs 190 to Rs 22,280 per quintal today as speculators Enlarging positions, supported by estimates of squeeze in supplies amid expectations of late arrivals.

At the National Commodity and Derivatives Exchange counter, pepper for delivery in March rose by Rs 190, or 0.86 per cent, to Rs 22,280 per quintal, with an open interest of 219 lots.

Similarly, the spice for delivery in January inched up by Rs 71, or 0.33 per cent, to Rs 21,769 per quintal, clocking a trade volume of 10,585 lots.

Analysts said limited stocks following tight supplies in physical markets against rising consumption, mainly pushed up pepper futures prices.

Besides, limited stocks in the global market also kept sentiments firm, they said.

Meanwhile in Kochi, a key market for the commodity in Kerala, pepper ended steady at Rs 21,373 per quintal.