MUMBAI (Commodity Online): Chilli futures continued to trade with bullish sentiments due to the persistent buying by speculators. However, fundamentals remained weak on robust output outlook and lower demand.

NCDEX chilli March contract moved up Rs 59 at Rs 5,081 a quintal and so far fluctuated between Rs 5,120- 5,075 a quintal. April contract climbed up Rs 67 at Rs 5,175 a quintal. Volumes in the March and April contracts stood at 140 and 240 tons.

Chilli futures traded on a negative note during Tuesday’s trading session due to profit taking upon the recent gain in prices. Trend in the physical market is still bullish supported by good export demand and domestic demand.

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But, increased momentum of fresh arrivals and higher crop expectations are likely to pressurize the prices.

The active NCDEX April contract chilli futures opened higher at 5150 levels and traded to make an intraday high at 5240 levels, higher than the previous day’s high of 5137 levels. It made an intraday low at 5070 levels and settled the day at 5108 levels, with a negative change of 0.56%.

Chilli futures are likely to trade sideways to lower during the day due to continued selling pressure on the exchange.

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