Pepper futures up 0.23% on spot demand

Pepper futures prices rose by 0.23% to Rs 26,885 per quintal today after participants enlarged their positions, supported by depleting stocks and tight supplies in the market.

Hopes of pick up in export demand at prevailing levels also influenced pepper futures prices.

At the National Commodity and Derivatives Exchange, pepper for July delivery rose by Rs 62, or 0.23%, to Rs 26,885 per quintal, with an open interest of 6,786 lots. It ended 0.28% higher at Rs 26,823 per quintal in the previous session. 

The spice for August delivery gained Rs 55, or 0.20%, to Rs 27,359 per quintal, with an open interest of 4,429 lots.  

 

Analysts said depleting stocks and tight supplies in the market mainly supported the upside in pepper futures prices here. Also, expectations that export demand may pick at current levels, also influenced prices, they said.