Pepper prices recovered by 0.60% to Rs 38,495 per quintal in futures trade today after speculators covered up their short positions amid low level buying.
At the National Commodity and Derivatives Exchange, the April contract shot up by Rs 250, or 0.60%, to Rs 38,495 per quintal with an open interest of 2,432 lots.
The May contract moved up by Rs 205, or 0.52%, to Rs 39,425 per quintal in 3,972 lots. The contract has fallen over 17% in the last three weeks on higher supplies and subdued demand in the spot markets.
Analysts said covering-up of pending short positions by speculators at prevailing lower levels and increased spot demand, helped pepper to cover part of lost grounds at futures trade here.