Pepper hits upper circuit 2nd day in row

Pepper prices surged by Rs 1,610 to hit its daily upper limit of four% to Rs 41,810 per quintal in futures trading today due to fall in supplies against strong domestic and export demand.

Reports of fall in output this season also supported the upswing in pepper futures.

At the National Commodity and Derivatives Exchange, pepper for delivery in March surged by Rs 1,610, or 4%, to Rs 41,810 per quintal, with an open interest of 4,182 lots.

April pepper gained Rs 1,630, or 4.01%, to Rs 42,275 per quintal, with an open interest of 4,819 lots.

Market analysts said besides strong domestic and export demand, fall in output this season mainly led to an upsurge in pepper futures prices.