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Pepper futures extended gains as its prices shot up further by Rs 274 to Rs 30,175 per quintal on Tuesday due to a squeeze in daily supplies amid rising spot demand. Also, diminishing stocks with other pepper producing countries supported the uptrend.
At the National Commodity and Derivatives Exchange, pepper for delivery in June rose by Rs 247, or 0.83 per cent to Rs 30,175 a quintal, with an open interest of 11,910 lots.
Similarly, the spice for delivery in May gained Rs 192, or 0.65 per cent to Rs 29,906 a quintal, with an open interest of 6,649 lots.
Market analysts said squeeze in daily supplies and lower stocks amid rising spot demand mainly attributed the rise in the pepper prices at futures trade.
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