Pepper futures up 1.43%

Pepper futures shot up by 1.43% to Rs 31,850 per quintal today, as speculators built-up of huge positions, supported by lower crop estimates.

However, increased supplies from the new crop in the physical market, capped the gains.

At the National Commodity and Derivatives Exchange, March pepper surged Rs 450, or 1.43%, to Rs 31,850 per quintal, with an open interest of 1,119 lots.

The January delivery gained Rs 310, or 1.01%, to Rs 30,950 per quintal in 3,140 lots.

Analysts said the rise in pepper prices at futures trade was mostly attributed to speculations of lower crop estimates but increasing supplies from the new crop, restricted the gains.

Also, a pick-up in domestic spot market demand also influenced spice prices, they said.