Pepper gains 0.4% as demand picks up

Pepper prices gained 0.44% to Rs 38,520 per quintal in futures trading today as speculators created fresh positions, supported by pick up in demand in the spot market.

However, higher supplies from Vietnam, the largest producer limited the gains.

At the National Commodity and Derivatives Exchange, the April delivery rose by Rs 170, or 0.44%, to Rs 38,520 per quintal, with an open interest of 3,212 lots.

The May contract traded higher by Rs 115, or 0.29%, to Rs 39,425 per quintal, with an open interest of 3,431 lots.

Analysts said pick-up in spot market demand due to the ongoing marriage season mainly helped pepper prices to trade higher at futures trade.