Pepper prices rose by Rs 120 to Rs 44,020 per quintal in futures trade today as speculators built fresh positions on the back a rise in the spot demand amid fall in supplies from producing belts.
At the National Commodity and Derivatives Exchange, pepper for delivery in September rose by Rs 120, or 0.27%, to Rs 44,020 per quintal, with an open interest of 4,469 lots.
August pepper moved up by Rs 50, or 0.11%, to Rs 45,300 per quintal in 1,345 lots.
Marketmen said fresh positions built-up by speculators, driven by the rise in demand and thin supplies in the spot market led to the surge in pepper futures.
They said deficient rainfall in key growing states of Kerala and Karnataka raised concerns of lower output this season, contributing to the rise in prices.
