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Selling intensified in chilli futures due to strong chilli production in Madhya Pradesh along with steady supplies in local mandies. The NCDEX futures plunged by almost Rs 98 per quintal in today's trading.
Traders stated that the total production of chilli in Madhya Pradesh is estimated at 50 lakh bags, up almost 5 lakh bags from the last year. This is mainly due to favourable crop conditions during the harvesting period.
In the spot market, the total daily arrivals of chilli augmented by 10 thousand bags to 40 thousand bags at Guntur mandi. While the spot prices of chilli S334- quality were trading at Rs 5200-5400 per quintal and Teza New quality at Rs 7500-7800 per quintal , unchanged from the last day. While Madhya Pradesh mandies have reported the weekly fresh arrivals of around 70-80 thousand bags.
The NCDEX December Chilli contract declined by almost Rs 98 per quintal to settle at Rs 5126 per quintal in today's trading. The contract reduced 10 positions in open interest indicating profit taking by traders at higher levels.
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India Infoline News Service / 09:04, Jan 22, 2015
The outlook is a flat start. The market will look to scale to new peaks though not much effort is needed for the same. HUL saw a rally and short-covering may have pulled it up further. Speculation is on that its parent will raise stake through an open offer. After the cooling in oil prices, Cairn results will be in focus.