Pepper futures surge 3.79% on tight supply

Pepper prices surged by Rs 1,153 to Rs 31,601 per quintal in futures trade today as traders enlarged their positions following rise in spot market demand. 

Restricted arrivals from the producing regions also supported the uptrend in the prices.  

At the National Commodity and Derivatives Exchange, pepper for September delivery surged by Rs 1,153, or 3.79% to Rs 31,601 per quintal, with a business turnover of 8,172 lots.  

Likewise, the spice for August delivery shot up by Rs 1,016, or 3.41%, to Rs 30,800 per quintal, with an open interest of 1,395 lots. 

Analysts said apart from restricted arrivals from producing belts, rise in spot market demand mainly led to an upsurge in pepper prices at futures trade.