Pepper futures surge 1.14% on tight supply

Pepper futures prices rose by Rs 338 to Rs 30,039 per quintal today as traders enlarged their positions, supported by a firming trend at the spot market on good demand. 

Restricted arrivals in the physical market also supported the uptrend.

At the National Commodity and Derivatives Exchange, pepper for September delivery  surged Rs 338, or 1.14%, to Rs 30,039 per quintal, with an open interest of 4,390 lots. 

Similarly, the spice for August delivery jumped up by Rs 303, or 1.04%, to Rs 29,543 per quintal, with a trade volume of 9,558 lots. 

Analysts said speculators enlarging their positions, driven by a firming trend at the spot market on rising demand, mainly pushed up pepper futures prices.