Pepper futures jump 1.16 pc on spot demand

Pepper prices rose 1.16 per cent to close at Rs 49,200 per quintal in futures market today as speculators enlarged positions on the back of rising demand in the spot market.
Besides, tight stocks position following drop in arrivals from producing regions fuelled the uptrend.
At the National Commodity and Derivatives Exchange, pepper for delivery in September rose by Rs 565, or 1.16 per cent, to close at Rs 49,200 per quintal with an open interest of 177 lots.
The contract for October was trading at Rs 48,500 per quintal, up by Rs 170, or 0.35 per cent, with a business volume of 50 lots.

Traders said widening of positions built up by participants amid pick-up in domestic as well as export demand in the physical market mainly led to the sharp rise in pepper prices at futures trade.