Pepper futures gain 0.66% on tight supply

Pepper prices surged by Rs 175 to Rs 26,534 per quintal in futures trade today on the back of squeeze in supplies in the spot market.

At the National Commodity and Derivatives Exchange, pepper for delivery in July rose by Rs 175, or 0.66%, to Rs 26,534 pr quintal, with an open interest of 160 lots.

Similarly, the spice for delivery in April gained Rs 100, or 0.39%, to Rs 25,451 per quintal, clocking an open interest of 6,937 lots.

Analysts said in addition to squeeze in supplies and diminishing stocks at spot markets, pick up in spot demand also supported the upside in pepper prices at futures trade here.