Pepper gains 1.74% on spot demand, thin supply

Pepper prices rose by Rs 730 to Rs 42,725 per quintal in futures trade today as speculators created fresh postions, tracking a firm trend at spot market on pick-up in demand amid thin supplies.

At the National Commodity and Derivatives Exchange, the November contract rose by Rs 730, or 1.74%, to Rs 42,725 per quintal, with an open interest of 1,207 lots.

The October contract moved up by Rs 390, or 0.90%, to Rs 43,550 per quintal, with an open interest of 5,899 lots.

Marketmen said fresh buying by speculators on the back of pick-up in demand in the spot market against thin supplies mainly pushed up pepper prices at futures trade.