Pepper futures surges 0.27% on lower stocks

Pepper futures prices went up by 0.27 per cent to Rs 23,049 per quintal today, as speculators enlarged their positions, driven by the squeeze in supplies.

At the National Commodity and Derivatives Exchange counter, pepper for delivery in February gained Rs 62, or 0.27 per cent to Rs 23,049 per quintal, with an open interest of 7,747 lots.

The spice for delivery in March inched up by Rs 55, or 0.24 per cent, to Rs 23,330 per quintal, with an open interest of 622 lots.

Market analysts said tight supplies in physical markets following lower stocks in major producing countries and falling stocks mainly supported the upside in pepper futures prices here.