Pepper rises over 1% on tight supply

Weak export demand restricts gains

Pepper prices rose by Rs 470 to Rs 43,500 per quintal in futures market today after participants created speculative positions amid tight supplies against increased demand in the spot market.

Weak export demand at prevailing higher levels restricted the gains.

At the National Commodity and Derivatives Exchange, pepper for delivery in October shot-up by Rs 470, or 1.09%, to Rs 43,500 per quintal, with an open interest of 727 lots.

November pepper gained Rs 130, or 0.30%, to Rs 42,985 per quintal, with an open interest of 5,046 lots.

Marketmen said thin supplies against increased demand in the spot market led to the rise in pepper futures.