Buoyed by the rising demand at spot markets on festive season and firming trend overseas, pepper futures prices rose 0.88 per cent at Rs 20,325 per quintal today.
India pepper futures might extend gains to over four-week highs on Monday, supported by local demand due to ongoing festivals and price rise by key-producing nations, Indonesia and Brazil, analysts said.
At the National Commodity and Derivatives Exchange platform, pepper for delivery in January was up by Rs 178, or 0.88 per cent, to Rs 20,325 per quintal, with an open interst of 170 lots.
Similarly, pepper for delivery in November traded up Rs 135, or 0.69 per cent, at Rs 19,824 per quintal, with an open interest of 19,733 lots. It closed 1.4 per cent higher at Rs 19,689 per quintal in the previous session.
The rise in pepper futures prices was mostly attributed to strong demand at the domestic markets, driven by festive and marriage season, analysts said.
Besides, reports that key-producing countries, Indonesia and Brazil raised prices by $100 a tonne, also supported the upside.