Pepper extended gains as its prices shot up by another 2.44% to Rs 29,478 per quintal in futures trade today on lower stocks in spot markets following weak supplies.
At the National Commodity and Derivatives Exchange, pepper for delivery in June shot up by Rs 702, or 2.44% to Rs 29,478 per quintal, with an open interest of 10,346 lots.
Similarly, the spice for delivery in May rose by Rs 542, or 1.90% to Rs 29,113 per quintal, with an open interest of 7,423 lots.
Market analysts said lower stocks in the market following squeeze in supplies mainly led to the rise in pepper futures prices.
However, weak export demand due to high prices of Indian product in the overseas market limited the gains, they added.