Pepper futures edge higher on pick up in demand

Pepper prices moved up by 1.10 per cent to Rs 47,000 per quintal in futures market today as participants built up fresh positions, triggered by pick up in domestic as well export demand at the spot market.
At the National Commodity and Derivatives Exchange (NCDEX), pepper for delivery in October spurted by Rs 510, or 1.10 per cent to close at Rs 47,000 per quintal with an open interest of 14 lots.
Similarly, the spice for delivery in September traded higher by Rs 490, or 1.04 per cent, to end at Rs 47,500 per quintal in 143 lots.
At the Multi Commodity Exchange (MCX), the pepper for delivery in September rose by Rs 450, or 0,96 per cent, to close at Rs 47,485 per quintal with a trading volume of 160 lots.

The contract for October was trading at Rs 47,205 per quintal, up by Rs 410, or 0.88 per cent with a business volume of five lots.
Analysts said fresh positions created by traders following an upsurge in domestic as well as export demand in the spot market against restricted supplies from producing regions, mainly pushed up pepper prices at the futures trade.