Pepper futures up 1.04 pc on good spot demand

Pepper prices rose by 1.04 per cent to close at Rs 48,400 per quintal in futures market today as speculators enlarged positions on the back of good demand in the spot market amid squeezed supply.
At the National Commodity and Derivatives Exchange, pepper for delivery in September contract rose by Rs 500, or 1.04 per cent, to close at Rs 48,400 per quintal with a trading volume of 143 lots.
Similarly, the October month contract of the spice increased by Rs 100, or 0.21 per cent, to end at Rs 48,100 per quintal, in an open interest of 53 lots.

Traders said widening of positions built up by participants amid rising domestic as well as export demand in the physical market following drop in arrivals from producing belts, mainly led to the sharp rise in pepper prices at futures trade.