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Chilli skyrockets on export demand

posted Jan 4, 2011, 8:48 AM by Unknown user   [ updated Jan 4, 2011, 8:49 AM ]
Good export and domestic demand supported the rally. Heavy stokiest buying in anticipation of lower production this year further add to the positive trend. Daily average arrivals at Guntur market were reduced to 30,000-45,000 bags (each bag=40 kg) and prices were hovering in the range of Rs6000-7800 up by Rs1800 per quintal 
As per trade sources, around 60% of crop has been damage due to heavy rains in recent past in Guntur region. Production is expected to be around 80-90 Lakh bags against 1.5 crore bags last year 
However the demand is expected to dwindle at such high levels and some correction may be on the way.