Pepper futures up on strong spot demand

Pepper prices moved up by Rs 135 to Rs 37,480 per quintal in futures trading today, as speculators enlarged their positions, powered by winter season demand, amid restricted supplies in the spot market.

Besides, tight supplies in the physical markets also influenced spice prices.

At the National Commodity and Derivatives Exchange, pepper for delivery in February moved up by Rs 135, or 0.36 per cent, to Rs 37,480 per quintal with an open interest of 1,477 lots.

Similarly, the spice for delivery in March gained Rs 105, or 0.30 per cent, to Rs 35,350 per quintal in 1,286 lots.

Market analysts said speculators enlarging their positions on the back of winter season demand against restricted supplies in the market, mainly led to rise in pepper prices at futures trade.

However, expectations of higher output and weak export demand capped the upside.

ALSO READ

Gold price up in futures trade on global cues

Gold price steadies after 1% gain, ETFs at 4-year low

India's cheap food plans to prove costly for government

Gold, silver prices tumble on sluggish demand, global cues