Pepper futures gain 0.6% on poor supply

Pepper extended gains as its prices moved up by another 0.60 per cent in futures trade today, supported by weak supplies and depleting stocks in the spot market.

At the National Commodity and Derivatives Exchange, pepper for delivery in April shot up by Rs 143, or 0.60 per cent, to Rs 23,815 per quintal, with an open interest of 9,101 lots.

Similarly, the spice for delivery in May rose by Rs 142, or 0.59 per cent, to Rs 24,109 per quintal, with an open interest of 1,605 lots.

Market analysts said depleting stocks and squeeze in supplies in the spot markets mainly influenced pepper futures prices here.

Additionally, declining stocks with other pepper-producing countries too supporting the upside in pepper prices, they added.

(Source: http://www.business-standard.com/india/news/pepper-futures-gain-06poor-supply-/129944/on)