Chilli futures traded on a positive note during Yesterday’s trading session due to fresh buying on the exchange supported by the fundamental factors of good demand domestic and export demand.

The active NCDEX April contract chilli futures opened higher at 5167 levels and traded to make an intraday high at 5250 levels, higher than the previous day’s high of 5240 levels.

It made an intraday low at 5165 levels and settled the day at 5229 levels, with a positive change of 2.37%.

Outlook

Chilli futures are expected to trade sideways to higher during the day supported by the fundamental factors of good demand and limited arrivals.

Export demand from is maintained for this hot spice as of now, supported by the reports of lower crop in China, the major competitor for India

The pace of fresh arrivals has not gained as expected to increase after Holi festival

This year due to availability of large number of cold storages in Guntur district farmers are not in a hurry to sell

Guntur chilli sanam spot has gone down by Rs 125 per quintal to Rs 4400-4500 per quintal on Wednesday

Guntur chilli paala spot has gone up further by Rs 150 per quintal to Rs 4100-4250 per quintal on Wednesday

For NCDEX April contract volume has gone down by 8.47% while open interest has gone up by 22.96% on Wednesday, which indicates the continuity of profit booking

Stock position at NCDEX accredited warehouses is 361 tonnes as on 09 March 2010, up by 40 tonnes as compared to previous update

Courtesy: Karvy Commtrade Ltd.

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