Pepper gains 1.89% lower crop estimates

Pepper prices gained 1.89% to Rs 37,240 per quintal in futures trade today as speculators creating huge positions, supported by lower crop estimates.

At the National Commodity and Derivatives Exchange, the April contract for pepper rose by Rs 690, or 1.89%, to Rs 37,240 per quintal with an open interest of 2,753 lots.

The March contract jumped up by Rs 540, or 1.49%, to Rs 36,770 per quintal in 4,226 lots.

Analysts said the rise in pepper prices at the futures trade was mostly attributed to speculations of lower crop estimates and rising demand in the spot market.