Pepper prices surged by 2.94 per cent to Rs 38,370 per quintal in futures trading today as speculators created fresh positions, driven by strong demand in the spot market supported by wedding season.
However, weak export and estimates of output restricted the gains.
At the National Commodity and Derivatives Exchange, pepper for delivery in December surged by Rs 1095, or 2.
94 per cent, to Rs 38,370 per quintal, with an open interest of 6,471 lots.
Similarly, the spice for delivery in February shot up by Rs 475, or 1.38 per cent, to Rs 34,970 per quintal in 1,622 lots.
Market analysts said fresh positions created by speculators, driven by strong demand in the spot market due to wedding season mainly pushed up pepper futures