Supported by tight supplies and a firming trend overseas, pepper futures staged a strong recovery to trade 0.42% higher at Rs 29,102 per quintal today.
At the National Commodity and Derivatives Exchange, pepper for delivery in June shot up by Rs 121, or 0.42%, to Rs 29,102 per quintal, with an open interest of 5,357 lots.
Similarly, the spice for delivery in May rose by Rs 114, or 0.40% to Rs 28,566 per quintal, with an open interest of 10,639 lots.
Market analysts said tight supplies in the spot markets, as farmers are holding back stocks in anticipations of better prices, mainly influenced pepper prices at futures trade here.
In addition, a firming trend in overseas also supported the upside in prices, they said.
