Pepper futures surge about 4%

Pepper prices surged by Rs 1,153 to Rs 31,601 per quintal in futures trade on Tuesday as traders enlarged their positions following rise in spot market demand. Restricted arrivals from the producing regions also supported the uptrend in the prices. At the National Commodity and Derivatives Exchange,pepper for delivery in September surged by Rs 1,153,or 3.79 per cent to Rs 31,601 per quintal,with a business turnover of 8,172 lots.

Likewise,the spice for delivery in August shot up by Rs 1,016,or 3.41 per cent,to Rs 30,800 per quintal,with an open interest of 1,395 lots.

Analysts said apart from restricted arrivals from producing belts,rise in spot market demand mainly led to an upsurge in pepper prices at futures trade.