Pepper futures recover on bargain buying

Buoyed by buying at lower levels and covering-up of short positions by speculators, pepper prices rose by 0.86 per cent in futures trade today. 

However, weakening export demand restricted the gains.

At the National Commodity and Derivatives Exchange, pepper for delivery in February traded higher by Rs 216, or 0.86 per cent, at Rs 25,245 per quintal, with an open interest of 7,054 lots. 

Likewise, the spice for delivery in March gained Rs 43, or 0.18 per cent, to Rs 24,094 per quintal, clocked a business volume of 31 lots.

Market analysts attributed the rise in pepper futures prices to covering-up of short positions by speculators amid tight supplies from producing regions.