Supported by restricted arrivals in the spot market, pepper continued its upward journey for the second straight day and traded Rs 121, or 0.68 per cent, higher at Rs 18,001 per quintal in futures trade today.
At the National Commodity and Derivative Exchange platform, pepper for delivery in November contract traded Rs 121, or 0.68 per cent higher at Rs 18,001 per quintal, with an open interest of 126 lots.
The pepper for delivery in July contract also edged higher by Rs 7, or 0.04 per cent, to Rs 17,225 per quintal, with an open interest of 10,577 lots. Meanwhile, in spot market at Kochi, a major trading hub, pepper gained Rs 184 at Rs 17,042 per quintal in yesterday's trade.
Marketmen attributed the persistent rise in the pepper futures prices to weak arrivals in the spot market after farmers held back stocks on hopes of rise in prices.
