Pepper futures up 1% as demand picks up

Buoyed by a pick up in spot demand and covering-up of short positions, pepper prices rose by Rs 405 to Rs 40,010 per quintal in futures trade today as speculators created fresh positions.

At the National Commodity and Derivatives Exchange, pepper for delivery in November rose by Rs 405, or 1.02 per cent, to Rs 40,010 per quintal, with an open interest of 826 lots.

The spice for delivery in December gained Rs 10, or 0.03 per cent to Rs 38,755 per quintal, with an open interest of 6,364 lots.

Marketmen said rising demand in the spot market and covering-up of short positions, helped pepper futures to trade higher.

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