Pepper futures rise on spot demand, lower global output

Supported by rising spot demand and lower global output estimates, pepper rose by 2.15 per cent to Rs 22,459 per quintal in futures trade today. 

However, weak export demand due to higher prices, capped the gains.

At the National Commodity and Derivatives Exchange, pepper for February-month contract shot up by Rs 472, or 2.15 per cent to Rs 22,459 per quintal in an open interest of 250 lots.

Likewise, the spice for delivery in November month climbed Rs 319, or 1.51 per cent to Rs 21,455 per quintal, with an open interest of 2,651 lots. 

Analysts said pick up in demand at spot markets following rising consumption and projection of lower global output, mainly attributed to the steep rise in pepper prices at futures trade here.