Pepper futures rise 1.03% on spot demand

Pepper prices shot up by 1.03% to Rs 32,450 per quintal in futures trade today as speculators created fresh positions, driven by pick up in demand in the spot market.

Estimates of lower output this season further fulled the uptrend in pepper prices.

At the National Commodity and Derivatives Exchange, pepper for delivery in February shot up by Rs 330, or 1.03%, to Rs 32,450 per quintal, with an open interest of 5,163 lots.

Likewise, the spice for delivery in January moved up by Rs 245, or 0.78%, to Rs 31,740 per quintal, with an open interest of 1,117 lots.

 

Analysts attributed the rise in pepper futures to lower output estimates this season.

Also, pick-up in domestic spot market demand also supported the uptrend in pepper prices, they said.