Pepper up 1.6% on firm spot demand

Pepper prices gained Rs 475 to Rs 29,585 per quintal in futures trading today as speculators enlarged their positions on a firming spot market demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in February rose by Rs 475, or 1.63%, to Rs 29,585 per quintal, with an open interest of 3,099 lots.

March pepper moved up by Rs 410, or 1.39%, to Rs 30,000 per quintal, with trading volume of 3,159 lots.

Market analysts said increased buying by speculators on the back of a rising demand in the spot market due to marriage season mainly pushed up pepper prices at futures.