Pepper prices shot up by Rs 56, or 0.26 per cent, to Rs 21,595 per 100 kg in futures trade today with speculators enlarging positions, driven by spot demand amid tight stocks on restricted arrivals.
Besides, estimates of lower global output also influenced the pepper prices at futures market here.
At the National Commodity and Derivatives Exchange platform, pepper for delivery in October contract traded Rs 56, or 0.26 per cent higher, at Rs 21,595 per 100 kg, with an open interest of 2,600 lots.
Similarly, the spice for delivery in September contract also gained Rs 36, or 0.17 per cent, to Rs 21,372 per 100 kg, with an open interest of 14,027 lots. It ended 2.40 per cent higher at Rs 21,336 rupees per 100 kg in the previous session.
Analysts said besides spot demand, restricted supplies, as farmers held back their produce on hopes of higher prices and estimates of lower global output also supported the increase in pepper prices in futures trade.
