Selling might continue in chilli futures at every spurt in the wake
of new arrivals in Madhya Pradesh mandies coupled with favourable crop
condition in Andhra Pradesh and Karnataka. The NCDEX futures wilted Rs
105 per quintal in the last trading.
The major mandies of Madhya Pradesh such as Bediya , Indore and Mandsaur have reported the average daily arrivals of around 1000-1500 bags of new crop . These are likely to gain momentum after October 15. Moreover, most of the chilli growing regions of Andhra Pradesh such as Guntur and Khammam also witnessed the favourable rainfall from the last ten days . This might also encourage the better productivity of chilli crop.
The total daily arrivals of chilli reported at around 10 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 7200-7500 per quintal , down almost Rs 100 per quintal in the last day.
The NCDEX November Chilli contract declined by almost Rs 105 per quintal to settle around its new contract low of Rs 5150 per quintal in the previous day. The contract pared 30 positions in open interest indicating long liquidation by speculators and traders. Technically, prices are likely to witness some selling around Rs 5210-5215 per quintal while supports are likely at Rs 5120-5130 per quintal in the short term.
The major mandies of Madhya Pradesh such as Bediya , Indore and Mandsaur have reported the average daily arrivals of around 1000-1500 bags of new crop . These are likely to gain momentum after October 15. Moreover, most of the chilli growing regions of Andhra Pradesh such as Guntur and Khammam also witnessed the favourable rainfall from the last ten days . This might also encourage the better productivity of chilli crop.
The total daily arrivals of chilli reported at around 10 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 7200-7500 per quintal , down almost Rs 100 per quintal in the last day.
The NCDEX November Chilli contract declined by almost Rs 105 per quintal to settle around its new contract low of Rs 5150 per quintal in the previous day. The contract pared 30 positions in open interest indicating long liquidation by speculators and traders. Technically, prices are likely to witness some selling around Rs 5210-5215 per quintal while supports are likely at Rs 5120-5130 per quintal in the short term.
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