Pepper futures up on spot demand

NEW DELHI: Pepper prices surged by 0.95 per cent, to Rs 34,950 per quintal in futures trading today on a firming trend at the spot market and winter season demand.

At the National Commodity and Derivatives Exchange, pepper for delivery in March shot up by Rs 330, or 0.95 per cent, to Rs 34,950 per quintal, with an open interest of 751 lots.

Similarly, the spice for delivery in February moved up by Rs 250, or 0.70 per cent, to Rs 36,050 per quintal in 2,586 lots.

Analysts said a firming trend at the spot markets and winter season demand influenced pepper prices at futures trade.

However, higher output and weak exports limited the gains. Meanwhile, pepper output is likely to be higher this season due to expectations of good yield in the top producing states of Kerala and Karnataka.