Pepper futures surge on lower production estimates

Pepper futures prices surged by Rs 293 to Rs 23,300 per quintal today on rising demand against restricted arrivals.

Estimates of lower global productions also influenced the trading sentiment.

At the National Commodity and Derivatives Exchange counter, pepper for delivery in April surged by Rs 293, or 1.27 per cent to Rs 23,300 per quintal, with an open interest of 186 lots.

Likewise, the spice for delivery in December month rose by Rs 140, or 0.63 per cent to Rs 22,354 per quintal, clocking a trade volume of 11,165 lots.

Analysts said rising demand at spot markets due to the ongoing marriage season and decline in arrivals pushed up pepper prices.

Hopes of increase in export demand, ahead of Christmas and New Year, also supported the rise in the spice's futures prices, they said.