MUMBAI (Commodity Online): Pepper futures continued to trade higher for the fourth straight session Friday due to the strong overseas demand and the forecasted global shortage.

NCDEX pepper April contract gained three percent or Rs 418 to the session high of Rs 14334 per 100 kg. The counter is now quoting at the session high and the open interest added 4.39 percent, indicating fresh buying.

Volume traded as of now stood at 3,755 tonnes. Technically, the next target is at Rs 14400 level. In the last four sessions, April pepper surged Rs 1,414.00 or 11 percent.

As per expectations, Pepper futures traded on a positive note during yesterday’s trading session due to continued fresh buying on the exchange supported by the factor of tight supply situation amid gaining demand.

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Despite the expectations of increase in production, arrivals have remained on the lower side. This is leading to tight supply in the physical markets.

The active NCDEX April Pepper futures opened higher at 13762 levels and made an intraday high at 14050 levels, higher than the previous day’s high of 13753 levels. It made an intraday low at 13762 levels and settled the day at 13916 levels, with a positive change of 1.19%.

Pepper futures are expected to maintain its positive trend for the day supported by the fundamental factors of increasing demand amid supply constraints.

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