India pepper sheds gains on lower prices in Vietnam

MUMBAI, May 30 (Reuters) - Indian pepper futures, up in early trade on a tight supply situation, erased gains and ended weak on Friday on lower prices in Vietnam, analysts said.

"Fundamentals are still strong as stocks are not available in the physical market," said Shardul Sharma, an analyst with Sharekhan Commodities Pvt Ltd.

In India, pepper harvesting ended in February.

However, prices in Vietnam are still relatively lower than in India, which pulled down the market, said Angel Commodities Broking Pvt Ltd.

Vietnam is the world's largest pepper producer and exporter and lower prices there hurt India's export prospects.

Open interest for July contract rose to 10,697 tonnes from 10,017 tonnes the previous session.

Spot pepper fell 1.2 percent to 14,502 rupees per 100 kg in spices hub of Kochi in Kerala.

Following are the closing prices of pepper futures in rupees per 100 kg on the National Commodity and Derivatives Exchange Ltd. <0#NPE:>:

Contract Reuters code Closing price Change in %