Pepper futures prices recovers May 6 2011

Pepper futures prices recovers May 6 2011 : Pepper futures recovered Friday on a squeeze in daily supplies and lower stocks. Diminishing stocks with other pepper producing countries also supported the uptrend.

At NCDEX Pepper May contract closed at Rs.28381 after witnessing a high of 28744 and a low of Rs.27836.

Vietnam had exported 25128 tons in first quarter but it is less by 11 percent compared with last year figures. In Vietnam the local prices traded near $ 5700 per ton and pepper prices had increased 66 percent compared with the prices at the beginning of the year.

As per trade sources, International prices of MG1 traded near $6300 per quintal and widening price spread between Indian and Vietnam prices is expected the affect the price sentiments in short term.