Pepper prices recovered by Rs 130 to Rs 42,900 per quintal in futures trade today as speculators created fresh positions largely in tandem with a surge in the spot demand amid tight supplies from producing belts.
At the National Commodity and Derivatives Exchange, pepper for delivery in October rose by Rs 130, or 0.30%, to Rs 42,900 per quintal, with an open interest of 1,376 lots.
The September contract moved up by Rs 60, or 0.14%, to Rs 42,360 per quintal in 5,206 lots.
Marketmen said fresh positions built-up by speculators, driven by surge in demand in the spot market and a firming trend overseas led to the upsurge in pepper futures.
Besides, deficient rainfall in key growing regions raised concerns of lower output this season, contributing to the rise in prices.
