Pepper futures prices rose by Rs 91 to Rs 23,471 per quintal today at the National Commodity and Derivatives Exchange (NCDEX), largely supported by tight stocks following restricted supplies amid strong demand at spot markets.
India’s pepper futures are expected to trade range-bound as restricted supplies in spot during the peak arrival season and lower stocks are seen supporting fresh buying, but sluggish overseas demand may weigh on sentiments, analysts said.
At the NCDEX, pepper for delivery in April moved up by Rs 91, or 0.39 per cent, to Rs 23,471 per quintal, with an open interest of 493 lots.
Similarly, the spice for delivery in February gained Rs 43, or 0.19 per cent, to Rs 22,897 per quintal, with a trade volume of 8,491 lots.
Market analysts said lower stocks in the market following restricted supplies amid strong demand at the spot markets, mainly helped pepper to trade higher at futures trade.