Pepper futures up on tight supply

Pepper prices rose by Rs 217 to Rs 27,615 per quintal in futures trade today as speculators created fresh positions on the back of rising demand in the spot market.

The sentiment turned better amid low arrivals as farmers held on to their produce in anticipation of better prices in coming days.

At the National Commodity and Derivatives Exchange, pepper for delivery in August rose by Rs 217, or 0.79%, to Rs 27,615 per quintal with an open interest for 5,420 lots.

The July contract was trading higher by Rs 198, or 0.74%, at Rs 27,097 per quintal in 5,657 lots.

Analysts said besides fresh buying by speculators, less arrivals in the spot market from producing belts mainly pushed up pepper futures prices.