Pepper futures rise on spot demand

NEW DELHI: Pepper prices recovered by Rs 130 to Rs 42,900 per quintal in futures trade today as speculators created fresh positions largely in tandem with a surge in the spot demand amid tight supplies from producing belts.
At the National Commodity and Derivatives Exchange, pepper for delivery in October rose by Rs 130, or 0.30 per cent, to Rs 42,900 per quintal, with an open interest of 1,376 lots.
Similarly, the spice for delivery in September moved up by Rs 60, or 0.14 per cent, to Rs 42,360 per quintal in 5,206 lots.
Marketmen said fresh positions built-up by speculators, driven by surge in demand in the spot market and a firming trend overseas led to the upsurge in pepper futures.
Besides, deficient rainfall in key growing regions raised concerns of lower output this season, contributing to the rise in prices.

Source: http://economictimes.indiatimes.com/markets/commodities/pepper-futures-rise-on-spot-demand/articleshow/15530841.cms