Pepper futures surges 2.27% on lower stocks

Pepper futures prices went up by a whopping Rs 549 to Rs 24,699 per quintal today, as speculators enlarged their positions, driven by the squeeze in supplies.

At the National Commodity and Derivatives Exchange platform, pepper for delivery in June shot up Rs 549, or 2.27 per cent to Rs 24,699 per quintal, with an open interest of 41 lots.

The spice for delivery in January inched up by Rs 64, or 0.28 per cent, to Rs 23,198 per quintal, with an open interest of 9,140 lots.

Analysts said tight supplies in physical markets following lower stocks in major producing countries and diminishing stocks mainly influenced the pepper futures prices here.