Pepper prices shot up by Rs 279, or 1.43 per cent, to Rs 19,849 per quintal in futures market today, as speculators enlarged their positions on rising demand in the spot market.
At the National Commodity and Derivatives Exchange platform, pepper prices shot up Rs 279, or 1.43 per cent, to Rs 19,849 per quintal, with an open interest of 251 lots.
Similarly, the spice for delivery in August jumped up by Rs 146, or 0.77 per cent to Rs 19,110 per quintal, with an open interest of 4,608 lots.
Analysts said speculators enlarged their positions on rising demand in the spot market, against tight stocks as farmers held back their produce on hopes of hike in rates pushed up pepper prices at futures trade.