Pepper prices surged by Rs 458 to Rs 23,835 per quintal in futures trading today as speculators enlarged their positions, driven by a firming trend in the spot market on pick up in demand.
At the National Commodity and Derivatives Exchange, pepper for delivery in June rose by Rs 458, or 1.96%, to Rs 23,835 per quintal, with an open interest of 100 lots.
Similarly, the spice for delivery in March gained Rs 25, or 11%, to Rs 22,835 per quintal, with a business volume of 5,965 lots.
Market analysts said fresh buying by speculators on the back of rise in spot demand mainly pushed up pepper prices at futures trade here.