MUMBAI (Commodity Online): Chilli futures dipped sharply on the NCDEX counter Monday on heavy technical selling as the demand for the spice is seen down in the spot market.

NCDEX chilli April futures slipped Rs 72 or 1.48 percent to the session low of Rs 4787 and the open interest added 3 percent, indicating short selling. The session high was Rs 4829 and the counter now quotes at Rs 4802, down Rs 57 or 1.17 percent over last close.

Chilli futures traded on a negative note during Saturday’s trading session due to continued selling pressure on the exchange supported by the fundamental factors of higher crop expectations and slow down in export demand.

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The active NCDEX April contract chilli futures opened slightly lower at 4895 levels and traded to make an intraday high at 4940 levels, lower than the previous day’s high of 4999 levels. It made an intraday low at 4847 levels and settled the day at 4859 levels, with a negative change of 0.80%.

Chilli futures are expected to trade sideways to lower during the day due to increasing arrival pressure and decline in spot rate.

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