Pepper surges almost 1% on spot demand

Thin supplies following less arrivals influence prices

Pepper prices surged by Rs 400 to Rs 41,800 per quintal in futures market today on pick up in spot demand against thin supplies following less arrivals from producing belts.

At the National Commodity and Derivatives Exchange, pepper for delivery in September surged by Rs 400, or 0.97%, to Rs 41,800 per quintal, with an open interest of 629 lots.

October pepper shot up by Rs 225, or 0.53%, to Rs 42,825 per quintal, with an open interest of 5,820 lots.

Marketmen said pick up in demand in the spot market against thin supplies due to less arrivals from producing belts led to the upsurge in pepper prices at futures trade.