Pepper futures up on thin supply, low inventory

NEW DELHI: Pepper futures prices shot up by 1.13 per cent to Rs 44,475 per quintal today as speculators enlarged positions driven by thin supplies in the physical market and lower inventory.

At the National Commodity and Derivatives Exchange, pepper for delivery in August traded Rs 495, or 1.13 per cent, higher at Rs 44,475 per quintal, with an open interest of 1,519 lots.

Similarly, the spice for delivery in September shot up by Rs 115, or 0.26 per cent, to Rs 44,080 per quintal, with an open interest of 4,786 lots.

Marketmen said the rise in pepper futures was mostly supported by tight supplies in the market and lower inventory.

Besides, lower output concerns on account of deficient rains in key producing states of Kerala and Karnataka also supported the upside, they said.