Pepper futures up on lower global output

Pepper prices edged up by Rs 30 to Rs 22,100 per quintal in futures trade today, as speculators enlarged their positions, driven by estimates of lower global output and tight stocks.

At the National Commodity and Derivatives Exchange platform, pepper for delivery in January rose by Rs 30, or 0.14 per cent, to Rs 22,100 per quintal, with an open interest of 11,614 lots.

Likewise, the spice for delivery in February gained Rs 23, or 0.10 per cent, to Rs 22,360 per quintal, with an open interest of 928 lots.

Market analysts said rise in pepper futures prices was due to estimates of lower global production and tight stocks in the domestic markets, but weak overseas demand restricted gains.