Pepper prices recovered sharply by Rs 395 or 2.44 per cent to Rs 16,599 per quintal in futures market today, as traders enlarged their positions, driven by robust demand.
At the National Commodity and Derivatives Exchange, pepper for delivery in September surged by Rs 395, or 2.44 per cent to Rs 16,599 per quintal, with an open interest of 277 lots.
Similarly, the spice for June contract moved up by Rs 128 or 0.81 per cent to Rs 15,850 per quintal, with an open interest of 6,813 lots.
Analysts said apart from pick up in demand at physical markets, covering-up of short positions by speculators also supported the upside in pepper prices at futures market.