Pepper prices surged by 2.94% to Rs 38,370 per quintal in futures trading today as speculators created fresh positions, driven by strong demand in the spot market supported by wedding season.
However, weak export and estimates of output restricted the gains.
At the National Commodity and Derivatives Exchange, the December contract for pepper surged by Rs 1095, or 2.94%, to Rs 38,370 per quintal, with an open interest of 6,471 lots.
Similarly, the February contract up by Rs 475, or 1.38%, to Rs 34,970 per quintal in 1,622 lots.
Market analysts said fresh positions created by speculators, driven by strong demand in the spot market due to wedding season mainly pushed up pepper futures.
