Pepper futures surge 1.56 per cent on strong spot demand

NEW DELHI: Pepper prices surged by Rs 590 to Rs 38,305 per quintal in futures trading today, as speculators enlarged their positions, tracking a firm trend at spot market on the back of strong demand against restricted arrivals.

At the National Commodity and Derivatives Exchange, pepper for delivery in February surged by Rs 590, or 1.56 per cent to Rs 38,305 per quintal with an open interest of 1,203 lots.

Similarly, the spice for delivery in the April contract jumped up by Rs 265, or 0.72 per cent, to Rs 36,910 per quintal in 1,509 lots.

Market analysts attributed the rise in pepper prices at futures trade to a firming trend at spot market on strong demand, driven by winter season.