MUMBAI (Commodity Online): Pepper futures garnered some modest gains in the early trading session at the NCDEX counter on Monday driven by strong domestic and global demand.

NCDEX pepper April contract jumped Rs 365 or 2.50 percent to the session high of Rs 14865 per 100 kg. The counter now quoting at Rs 14779 and the session low was Rs 14557 level. The open interest in the contract added 0.28 percent to 7394 tonnes, indicating fresh buying.

Pepper futures maintained its uptrend during Saturday’s trading session due to continued 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 14140 levels and made an intraday high at 14502 levels, higher than the previous day’s high of 1435 levels.

It made an intraday low at 14080 levels and settled the day at 14502 levels, with a positive change of 3.00%.

Pepper futures are expected to maintain its positive trend for the day supported by the fundamental factors of tight supply situation in the physical market. However, the upside might remain limited due to profit taking.

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